- Shiba Inu (SHIB) surged over 60% in the 24-hour chart yesterday to $0.00004534.
- The coin fell to $0.00002622 as Bitcoin (BTC) recorded a new all-time high (ATH) above $69K.
- BTC’s quick recovery dragged SHIB up from its 24-hour low by a double-digit.
- New development in SHIB ecosystem is underway, which could further catalyze its push upwards.
SHIB’s Resilience
Shiba Inu displayed an extraordinary rise yesterday in anticipation of Bitcoin’s (BTC) climb to a new all-time high. The dog-themed coin soared over 60% in a single day to $0.00004534 but it soon tanked to $0.00002622 following a “sell the news” event that took place right after Bitcoin tapped its historic price of $69,170.63.
Of course, shills capitalized on the plummeting price of Bitcoin and altcoins in social media circles to spread fear, uncertainty, and doubt (FUD) for holders. However, SHIB has shown its resilience amid the speculations of a potential crash, and the correction has proven itself as nothing but a short-term or knee-jerk reaction to an anticipated event within the BTC ecosystem.
BTC remained unfazed by the sell-off as spot Bitcoin exchange-traded funds (ETFs) in the US continued exhibiting strong demand. Instead of getting rattled by the incident, the top 10 issuers of these new financial instruments racked up $10 billion in trading volume and $648 million in inflows.
Coupled with the halving still on the cards, Bitcoin is expected to rally more in the coming weeks as investors rush to scoop up more of its supply before its reduced mining rewards will trigger an all-new level of scarcity past the 840,000th block height sometime between April 18 and 20.
Again, Bitcoin will likely drag the whole cryptocurrency industry on its way to the top, especially altcoins that have been moving in tandem with it like Shiba Inu. As the show is far from over, SHIB has recovered from its $0.00002622 low to a high of $0.000036 as of this writing at 8:00 AM UTC.
New Developments in the Shiba Inu Ecosystem
As it turns out, the SHIB party is not yet at its climax. Besides the ongoing petition for a spot Shiba Inu ETF, the coin’s pseudonymous lead developer, Shytoshi Kusama, continued teasing a new SHIB-themed service/product going our way.
Everything has been cryptic so far, but one of the latest hypes revolves around the new SHIB Name token under the SHIB Name Service (SNS) system. Basically, the token allows a user to consolidate complex wallet addresses within a single address on Web3. It will be accompanied by an airdrop for qualified recipients.
More to these features are expected to come to light as soon as official announcements are available.