The Shiba Inu price shot up in early March and linked to the Bitcoin price, but after a weaker month in April, SHIB seems to be decoupling from Bitcoin again, as the correlation between the two cryptocurrencies is decreasing . But why is Shiba Inu rising today despite Bitcoin’s decoupling?
In this article we look at the current Shiba Inu price and what consequences the decoupling of Bitcoin could have for the #2 largest meme coin.
How Much Can Shiba Inu Be Worth After Decoupling From Bitcoin Price?
By early afternoon, Shiba Inu is up 0.9% over the past 24 hours, while the correlation between BTC and Shiba Inu is dropping. Data from IntoTheBlock shows that Shiba Inu’s 30-day Bitcoin correlation score was 0.94 (94%) in early March, but today it is 0.89 (89%).
This means that the price developments of Bitcoin have had a less strong influence on Shiba Inu. This may be an indication that capital from Bitcoin is gradually flowing towards meme coins, so that these crypto memes do not rise at the same time as Bitcoin, but experience their biggest pump later.
Meanwhile, Shiba Inu appears to be making a break above its 30-day moving average (yellow) today, a bullish signal that could lead to even further gains in the coming days. Now that this level appears to have been claimed as support, SHIB could climb again from $0.00002700 towards $0.00004500 in the coming weeks.
And while the correlation between Bitcoin and Shiba Inu is lower, the meme coin can still benefit greatly from Bitcoin increases. Bitcoin and the rest of the crypto market could see a significant surge in the coming months, potentially allowing SHIB to set a new all-time high above $0.00008600 before the year is out.
For example, there are crypto analysts who predict that the Shiba Inu price could go as high as $0.00013000 this year, which would imply an increase of more than +300%. 2024 could therefore be a very good year for SHIB.
Which cryptos will rise faster than Shiba Inu?
The charm of meme coins lies in the volatility that these funny crypto coins bring. However, Shiba Inu already has a market cap of $15.9 billion, making it less volatile and therefore less likely to go x10 from current levels.
That is why investors are looking every day for the next Shiba Inu, meme coins that are still small and unknown at the moment, but can later – just like SHIB – rise millions of percent. In this article, we look at some candidates that could repeat some of Shiba Inu’s success in the emerging crypto bull run.
Dogeverse (DOGEVERSE)
One of the best alternatives for Shiba Inu right now is Dogeverse (DOGEVERSE). Not only does the meme coin have a similar theme and a lot of potential to go viral, the token will also soon be launched on no fewer than 6 of the most popular blockchains.
Dogeverse went live as a presale a few weeks ago and has already raised over $10.2 million in this time. This is a clear indication of the popularity that the meme coin has built up, which can be seen from its 8k+ followers on X (Twitter) and 4.5k+ members in his Telegram group.
This wave of popularity could lead to a lot of FOMO (Fear of Missing Out) surrounding the launch of DOGEVERSE on its first exchanges, potentially causing the price to rise sharply. Today you can buy the meme coin for a low price of $0.000301 each in the presale and by staking it you can claim even more tokens after the presale.
Slothana (SLOTH)
If you look at Solana today, there are plenty of meme coins to choose from, but many of them don’t stand the test of time. However, the new Slothana (SLOTH) will be able to do this, because the new meme coin has already built a strong community before launch.
SLOTH is for sale in presale for a fixed low price, which is why the project has received a lot of attention from early investors. After raising over $10 million in just a few weeks, today you have just under 5 days to purchase SLOTH in the presale and get the opportunity to ride the sloth to a market cap of $420 million.
Per 1 Solana you can buy 10,000 SLOTH during the presale, which means that you can get a lot of tokens as airdrop at the end of the presale, without having to claim them manually. After launch, as an early investor you can ride the price and sell the token for potential profit.
99Bitcoins (99BTC)
Meme coins like Shiba Inu attract a lot of attention during a bull market and can introduce many new investors to the market. This makes it very important that these investors can easily learn more about crypto, something with which you can also make money with 99Bitcoins (99BTC) by doing this.
99Bitcoins helps both new and experienced investors learn more about crypto, trading, exchanges, security and more in an interactive way. In addition, by following educational modules with more than 79 hours of learning material, you earn 99BTC tokens as a reward.
99Bitcoins has an existing community of over 2.8 million users worldwide and is selling 99BTC in presale for $0.00102 each. Now that the presale has already raised $750,000, you have just over 5 days left before the 99BTC price rises.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
