Benzinga - Popular “Dogecoin Killer” Shiba Inu (CRYPTO: SHIB) followed other dog-themed meme coins upwards with a 5% spike in early Wednesday morning trading hours.
What Happened: SHIB is up 5% to trade around $0.00002732 at the time of writing. This takes its 30-day increase to 17%. The rise comes as one trader cashed out a seven-figure gain at the start of the week, pocketing over $1 million on a three-year trade.
On Tuesday, popular crypto trader Cold Blooded Shiller had predicted that SHIB would “send,” highlighting its strength compared to Dogecoin (CRYPTO: DOGE) on the low-time frame. Dogecoin is down 0.7% over the past 24 hours.
Read Also: Bitcoin, Dogecoin, Ethereum Slide Over Fears Of Mt. Gox's Billion-Dollar Transfers: King Crypto Consolidation Likely Between $60K-$70K, Says Analyst
Why It Matters: Analysts remain bullish on the potential of animal-themed meme coins, with cryptocurrency trader Bluntz Capital pointing out that Shiba Inu was “making moves,” attributing it to the fact that “people simply like dogs and frogs.”
Shiba-themed account Shib Knight stated that “we entered SHIB season,” while another trader thinks SHIB will “most likely pump” if major cryptocurrencies maintain their bullish trends:
$SHIB is dying to breakout, so leverage traders should watch it.When $BTC closes above $69.7K on 15M , this one will most likely pump. pic.twitter.com/IhU7BwPvFQ
— Blockchainedbb (@blockchainedbb) May 28, 2024
Shiba Inu is currently trading around a market capitalization of $16.2 billion, short of Dogecoin’s $23.9 billion.
Twenty-four-hour trading volumes for SHIB at $1.8 billion exceed Dogecoin’s $1.3 billion. This indicates increased interest in the “Dogecoin Killer” over its bigger rival. Whether this points to an extended “SHIB season” or a short-term spike in interest remains to be seen.
What's Next: The influence of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin Could Go To $0.322 If It Overcomes This Key Resistance Level, Analyst Notes
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.