- Shiba Inu (SHIB) may prove to be a great short-term play for those who see themselves as late into the Bitcoin (BTC) bandwagon.
- The dog-themed altcoin may be positioned to a bull run at $0.0001 from its prevailing $0.000026 rate.
Investors are now treading cautiously as Bitcoin is about to hit its all-time high near the $69K mark, especially knowing that “fear of missing out” (FOMO) is now factored into the prices. Not to mention that the token is already defying standard technical indicators such as its Relative Strength Index (RSI) which is now showing an overbought signal.
At its present price of $65,000 as of this writing at 12:00 PM UTC, experts warn those who are hopping into the Bitcoin bandwagon just now that they may be late for the party, and it might not be long until the gains could be wiped out within a short-term price correction.
Although the same cannot be said for the long-term future trajectory of BTC as its halving is set to trigger a scarcer supply amid its growing institutional adoption through spot Bitcoin exchange-traded funds (ETFs), those who are looking for a short-term profitable play could still turn to altcoins. One of the alternatives that may be gearing up for a major pump in this bull cycle is Shiba Inu.
Shiba Inu Trailing Bitcoin
By now, those who are no longer new to the cryptocurrency market may find that altcoins tend to move with Bitcoin. SHIB is no different as it benefited 17% alone out of the 4% gain of BTC in the past 24 hours. Likewise, Shiba Inu got a 173% boost in price during the last seven days compared to Bitcoin’s 27% increase.
Zooming out the frame to a month shows a 188% bump for the altcoin compared to the premier crypto’s 51% surge. Going further to a year displays 131% and 190% rise for these assets, respectively. Although the ratios may not be consistent, they merely illustrate some sort of correlation between the two.
Why Shiba Inu?
So why shift to SHIB instead if BTC is already primed for growth? Usually, when Bitcoin prices are already on their way to a saturation point, traders tend to jump ship to altcoins to maximize their gains and mitigate their risks. Due to this, altcoins sometimes extend their bull run a little longer even when BTC prices are already tanking. The ensuing exodus is amplified by the accompanying promise, hype, or appeal of the alternatives.
Right now, it’s the degens collectively identifying themselves as “SHIBArmy” who are making a lot of buzz in social circles. And that’s for a good reason, because Shiba Inu just outperformed its other dog-themed rival, Dogecoin (DOGE), in the recent price surges.
The pseudonymous lead Shiba Inu programmer called “Shytoshi Kusama” even took to X (formerly Twitter) to taunt Dogecoiners about potential developments in the token’s ecosystem that could position it higher in terms of overall market cap in the crypto scene. Although the posts are currently cryptic, some believe it could be a hint of progress in the SHIB network, which could potentially lead to skyrocketing values.
Another narrative playing out that could lead to soaring prices in the short run is the ongoing series of SHIB burns, which can be tracked via the Shibburn website. These, coupled with the rising prices of Bitcoin and other altcoins, could reinforce the push of SHIB prices upward. With that, some influential Shiba Inu supporters on X claim that the digital asset could moon by 800% from last week’s close to $0.0001 if the current trend continues.