Key Points
- Bitcoin (BTC) and Ethereum (ETH) prices have slightly decreased by over 1% in the past 24 hours, indicating a subdued crypto market.
- Meme coins, especially Shiba Inu (SHIB), have seen significant gains, with SHIB climbing up to 12%.
Over the last day, the prices of both Bitcoin (BTC) and Ethereum (ETH) have seen a slight decrease of more than 1%.
This suggests a more subdued crypto market following the previous week’s rally.
Meme Coins Gain Spotlight
While major tokens such as SOL from Solana, XRP, and Binance Coin (BNB) have shown little change, meme coins have made significant gains.
Shiba Inu (SHIB) in particular has seen a significant increase, with the token’s value rising up to 12%.
The CoinDesk 20 (CD20), an index that tracks the largest tokens excluding stablecoins, has declined by 0.5%.
This reflects general market sentiments despite the approval of the spot Ethereum ETF and bullish predictions by top crypto analysts and influencers.
Shiba Inu Outperforms Bitcoin
Despite bullish predictions for the two leading digital assets, it is meme coins that are experiencing a surge in market performance today.
The surge in meme coins, including Dogecoin (DOGE) and SHIB, began on Tuesday during European trading hours.
This coincided with a 19% rise in pre-market trading for GameStop Corp (NYSE: GME) stocks.
Movements in GameStop have often led to gains in meme tokens.
Rennick Palley, founding partner at Stratos, a crypto fund, stated that there is a shift among popular memes following the re-entry of Asian traders to the market.
He attributed this trend to the excitement around the ETH ETF and the US regulatory shift towards a more pro-crypto stance.
According to Palley, most prices tend to rise most significantly during Asian trading hours, during the middle of the night US time.
The recent rally in Shiba Inu could be attributed to various factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem.
SHIB price jumped nearly 15%, reaching $0.00002931 with a market cap of $16.74 billion.
As a result, the meme coin exceeded Cardano’s market cap of $16.44 billion, placing Shiba Inu among the top 10 cryptos globally and effectively dethroning Cardano.
Reasons for SHIB’s Rally
In recent weeks, a remarkable surge has been registered among meme tokens like Pepe (PEPE) and Mog (MOG).
These tokens have surged by up to 100%, fuelled by optimism surrounding the Ethereum ecosystem and the approval of a spot Ethereum ETF in the US.
However, despite the bullish rally for meme coins in market activity, Bitcoin remains in a bearish trading range.
According to Alex Kuptsikevich, a Senior Market analyst at FxPro, a pattern shift will occur when there is a clear daily close above the $70,000 level.
Though Bitcoin remains in consolidation mode, the coin boasts many fundamentals bordering on spot Bitcoin ETF, market sentiment needs to rhyme for the expected breakout.
Kuptsikevich stated, “A clear exit and daily close above $70,000 will break this bearish pattern. Until then, the classic development is a pullback to the lower range at around $68,000.”
