Shiba Inu (SHIB) Surges as Bitcoin Falls – What’s the Secret? Analysts Shed Light on BTC’s Path to Recovery
In the midst of a slight dip in Bitcoin (BTC) and Ethereum (ETH) prices, meme tokens have been on the rise. While Solana (SOL), XRP, and BNB saw minimal changes, the standout performer has been the popular meme token Shiba Inu (SHIB), which saw a remarkable 12% surge in the past 24 hours.
The question on everyone’s mind is: Why is Shiba Inu (SHIB) defying the odds?
Despite a temporary dip, SHIB managed to reach new heights before settling at 0.000027 dollars. Analysts have taken notice of SHIB’s success amidst the backdrop of Bitcoin and Ethereum’s minor setbacks. Rennick Palley, co-founder of the crypto fund Stratos, attributed SHIB’s rise to the renewed interest of Asian traders.
According to Palley, meme tokens like SHIB are gaining traction primarily due to Asian traders’ re-entry into the market. These tokens tend to see the most significant price increases during Asian trading hours, typically around midnight in the US.
This surge in meme tokens is seen as a continuation of the excitement surrounding the spot ETH ETF and the US regulatory shift towards a more crypto-friendly stance.
So, what does Bitcoin need to reclaim its glory?
In addition to Palley’s insights, FxPro senior market analyst Alex Kuptsikevich shared his expectations for Bitcoin’s future. Kuptsikevich highlighted Bitcoin’s recent high volatility and its current downward trend, stating that for BTC to rise, it must close above $70,000 on a daily basis.
“A clear breakout above $70,000 and a daily close at that level would signal a reversal in Bitcoin’s bearish trend. Until then, we can expect Bitcoin to hover around $68,000 as a standard development.”
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