The price fluctuations of Shiba Inu (SHIB) have significantly challenged the dominance of Dogecoin (DOGE). Since the beginning of this year, the price of SHIB has surged over 450% from less than $0.000010 to a high of $0.000045 in mid-February. However, its price is still 70% lower than its peak in 2021. Recently, there has been a significant increase in whale interest in SHIB, while Dogecoin has shown bearish on-chain indicators. Analysts point out that due to strong buying signals, more and more DOGE investors are turning to Shiba Inu.
Over the past 10 days, Dogecoin's active users, trading volume, and social media engagement have all declined. According to Santiment data, from May 18 to May 28, both the network activity and social discussion volume of Dogecoin decreased, indicating a decline in market interest. Data from IntoTheBlock shows a significant decrease in whale trading volume for Dogecoin, dropping from $30.1 billion to $14.2 billion, a decrease of over 52.8% in just one week.
On the other hand, there has been a significant increase in the interest of large investors in SHIB. Data from IntoTheBlock shows that the volume of large transactions worth over $100,000 has surged from $29.93 million to $214.18 million. This growth has significantly increased SHIB's trading volume, bringing about a bullish market sentiment. The marketing director of Shiba Inu pointed out that SHIB has once again surpassed ADA, marking a significant shift in the meme coin space and impacting the rankings of well-known cryptocurrencies. In addition, Shiba Inu has surged to the 10th position in market capitalization rankings.
Following the success of the Ethereum ETF, there has been discussion in the market about the potential for a SHIB ETF. Although there is currently no official application, Chief Developer Shytoshi Kusama has proposed the possibility of creating a SHIB ETF, sparking excitement in the market and gaining support from the community, increasing buying pressure.
Regarding the future trend of SHIB prices, after the price rebounded from $0.000026 to a high of $0.0000286 at the 20-day EMA, the bears exerted strong pressure, causing the price to fall to the EMA trend line. Currently, the price of SHIB is $0.000027, up over 4% in the past 24 hours. Bears hope to consolidate their control by pushing the price below the moving average line. If successful, SHIB/USDT may fall back to the resistance channel, where buyers may appear. If buyers fail to make a comeback, the SHIB price may drop to a low of $0.000023.
If the SHIB price rebounds and rises from the current level, it may break through the Fibonacci resistance level, triggering a bullish pattern with a target price of $0.000033.
Shiba Inu is about to break into the rankings
Cryptocurrency analyst Cold Blooded Shiller tweeted on X (formerly Twitter) that he believes Shiba Inu is about to experience a parabolic rise. He pointed out that Shiba Inu's performance in the past few days has been "unusual" and, based on his technical analysis, stated that Shiba Inu is "in a very favorable position" on the higher time frame (HTF).
He added that in the shorter time frame, Shiba Inu has shown "very strong" performance relative to Dogecoin, while Dogecoin's performance is not "typical." Cold Blooded Shiller also mentioned that Shiba Inu is one of the fastest and strongest performing coins in the market in the past 24 hours. In fact, Shiba Inu has performed outstandingly in the past 24 hours.
During this period, the price of Shiba Inu has risen by over 13%, surpassing Cardano and entering the top ten cryptocurrencies by market capitalization. Cryptocurrency analyst and influencer Ansem also stated that the price increase of Shiba Inu is just beginning and predicted that this meme coin is about to become "volatile," sharing a chart implying an impending price breakthrough for Shiba Inu.
The rise of Shiba Inu can be attributed to various factors, including the sentiment surrounding the Ethereum spot ETF. Tokens based on Ethereum are bound to benefit from the speculation surrounding these funds. In addition, the international exchange Coinbase recently announced that it will start supporting Shiba Inu perpetual contracts on its platform from May 30.
Recent market trends have also led to a double-digit increase in the price of Shiba Inu, making meme coins the dominant narrative in the market.
Analysts predict prices
PEPE is expected to reach $0.0001
FLOKI is expected to reach $0.0015
BONK is expected to reach $0.0002
WIF is expected to reach $15
DOGE is expected to reach $1
These cryptocurrencies have the potential for upward movement and are expected to reach enviable market capitalization levels of over $800 billion. Overall, the total market value of meme coins is expected to exceed $1 trillion.
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