Shiba Inu Proves 'Very Strong In Comparison To DOGE,' Trader Says: 'I Think It Sends'

Pseudonymous cryptocurrency trader Cold Blooded Shiller sheds light on the unusual recent performance of Shiba Inu SHIB/USD, hinting at an upcoming bigger price move for SHIB.

What Happened: Cold Blooded Shiller observed that $SHIB has shown “unusual” performance, noting that “it’s positioned very well” on the high-time frame. He also highlighted its strength compared to Dogecoin DOGE/USD on the low-time frame.

The performance of $SHIB has been unusual over the last couple of days.

TA it's positioned very well on the HTF.

LTF it's been very strong in comparison to $DOGE which isn't typical.

It's one of the quickest/strongest recovery markets today.

I think it sends. pic.twitter.com/tdEa2QKg3g

— Cold Blooded Shiller (@ColdBloodShill) May 28, 2024

Shiller emphasized that SHIB is among the “quickest/strongest recovery markets today.” This recognition from a prominent analyst indicates a potentially bullish outlook for the coin based on its current technical analysis.

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Why It Matters: Cold Blooded Shiller’s insight is crucial for several reasons:

1. Market Comparison:
   Shiller’s mention of SHIB performing stronger compared to DOGE is noteworthy, as it implies a potential shift in investor sentiment and market dynamics. This unusual performance could indicate growing interest and confidence in SHIB among traders and investors, potentially driving further gains.
2. Increased Whale Interest:
   According to IntoTheBlock, trading volume for large SHIB transactions soared 200% in the last 24 hours. This suggests a significant increase in whale interest, which can lead to more substantial price movements. Shiller’s observations align with this trend.
3. Strategic Trading Insights:
   For traders, Shiller's analysis implies that SHIB might be entering a favorable market phase, with technical strength across both high and low-time frames highlights the importance of monitoring these indicators.

The analysis comes as another Shiba Inu investor turned a $2,625 investment into $1.1 million after holding the tokens for 3.5 years.

Price Action: At the time of writing, SHIB is trading at $0.00002591, up 0.36% over the past 24 hours.

What's Next: The impact of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Where Is Ethereum’s Price Headed 5 Days After The ETF Approval?

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.