As a researcher with a background in cryptocurrencies and market analysis, I find it fascinating how the crypto market can be so unpredictable at times. In the past 24 hours, we’ve seen Bitcoin and Ethereum experience only minor declines, while meme coins like Shiba Inu have surged significantly.
Over the past day, Bitcoin (BTC) and Ethereum (ETH) prices have dipped by approximately 1.1%, signaling a cool-down in the cryptocurrency market after last week’s surge. Major tokens such as Solana’s SOL, XRP, and Binance Coin (BNB) have remained relatively stable. However, meme coins like Shiba Inu (SHIB) have experienced considerable growth, with the token soaring by approximately 12%.
The CoinDesk 20 Index (CD20), which represents the largest cryptocurrencies excluding stablecoins, experienced a 0.5% decrease. This downturn mirrors the overall market sentiment, even amidst Ethereum ETF approval and optimistic forecasts from prominent crypto analysts and influencers.
Shiba Inu Is Outperforming Bitcoin
Although the outlook is optimistic for the two leading digital currencies, it’s actually meme coins that are experiencing significant market growth currently.
Significantly, the increase in meme coins like Dogecoin (DOGE), which experienced a 5% price decrease after the passing of Kabosu, and SHIB, started on Tuesday during European trading hours. Simultaneously, there was a notable surge of 19% in pre-market trading for GameStop Corp (NYSE: GME) shares. Historically, such fluctuations in GameStop stocks have frequently resulted in price hikes for meme tokens.
As an analyst, I’ve observed a noteworthy change in the prevailing memes within the cryptocurrency community. This transformation can be largely attributed to the resurgence of Asian traders back into the market. The impetus behind this trend is twofold: firstly, the renewed buzz surrounding the Ethereum ETF approval process; secondly, the encouraging signs of a more crypto-friendly regulatory environment in the United States.
Based on his explanation, prices typically experience the greatest increase during Asian trading hours, which corresponds to the late-night hours in the United States.
As a crypto investor, I’ve noticed some significant growth in Shiba Inu recently. This surge in value can be attributed to various factors, such as new strategic partnerships, renewed interest from investors, and recent technological advancements within the Shiba Inu ecosystem. The price of SHIB soared nearly 15%, reaching a peak of $0.00002931, giving it a market capitalization of an impressive $16.74 billion.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: The meme coin, Shiba Inu, surpassed Cardano‘s market capitalization of $16.44 billion. This milestone propelled Shiba Inu into the ranks of the top 10 global cryptos, thereby displacing Cardano from its position.
Factors behind SHIB’s Rally
In the past few weeks, there has been a significant increase in popularity for meme tokens such as Pepe (PEPE) and Mog (MOG). This surge can reach as high as 100%, driven by heightened optimism towards the Ethereum network and the recent approval of an Ethereum-backed Exchange Traded Fund (ETF) in the United States.
Despite the surge in meme coins, Bitcoin continues to trade in a bearish pattern. As per Alex Kuptsikevich, a Senior Market Analyst at FxPro, a change in trend will emerge once there is a clear daily closure above $70,000. Although Bitcoin remains in consolidation phase, it possesses several fundamental strengths including the potential approval of a spot Bitcoin ETF. However, for the anticipated breakout, market sentiment needs to align accordingly.
As a crypto investor, I believe that surpassing the clear resistance level at $70,000 with a daily close will help us break free from this bearish trend. However, until we achieve that milestone, it’s essential to be prepared for potential pullbacks towards the lower range around $68,000. This classic development is in line with market dynamics and should not come as a surprise to seasoned investors.
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2024-05-29 15:51