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Shiba Inu Price Forecast: SHIB Demonstrates Remarkable Strength Compared to Dogecoin

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Shiba Inu (SHIB) is gaining momentum in the cryptocurrency market, with crypto analyst Cold Blooded Shiller predicting a potential breakout for the meme coin against Dogecoin. Cold Blooded Shiller noted Shiba Inu’s recent bullish strength, suggesting that it could soon surpass Dogecoin in market cap. The analyst pointed out that Shiba Inu has been performing unusually well, positioning itself for a parabolic move upwards on the higher time frame. Additionally, Shiba Inu has shown strong resilience compared to Dogecoin on the lower time frame, with one of the quickest and strongest market recoveries in the last 24 hours.

The recent surge in Shiba Inu’s price has led to a gain of over 13% in the last 24 hours, pushing the meme coin into the tenth spot among the top cryptocurrencies by market cap. Crypto influencer Ansem believes that this is just the beginning of Shiba Inu’s price rally, hinting at an imminent price breakout for the meme coin. Several factors are contributing to Shiba Inu’s rise, including the positive sentiment around Ethereum Spot ETFs and the upcoming listing of Shiba Inu perpetual on Coinbase International Exchange starting May 30th.

The overall market trend towards meme coins has also played a role in Shiba Inu’s recent double-digit rally. Other meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also seen significant price gains recently, highlighting the growing popularity of meme-based cryptocurrencies. Shiba Inu’s Marketing Lead, Lucie, credited the meme coin’s success to the strong support from the SHIB community and recent ecosystem developments such as the launch of the Shibarium layer-2 network. The team’s successful fundraising for a proposed layer-3 network has also contributed to Shiba Inu’s positive image in the market.

As of the latest data from CoinMarket Cap, Shiba Inu is trading at around $0.0000274, reflecting a gain of over 12% in the last 24 hours. With bullish indicators and positive community support, Shiba Inu is poised to continue its upward trajectory in the cryptocurrency market. Investors and enthusiasts are keeping a close eye on Shiba Inu’s performance, as it aims to challenge the dominance of Dogecoin and establish itself as a major player in the meme coin space.

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