Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Shiba Inu’s 321% Surge? Analyst Explores Bitcoin Correlation

Shiba Inu’s 321% Surge? Analyst Explores Bitcoin Correlation

CoineditionCoinedition2024/08/12 16:00
By:Coin Edition
  • Analyst suggests Shiba Inu (SHIB) could surge 321% if Bitcoin (BTC) reaches $200,000.
  • Correlation between SHIB and BTC highlighted, but caution advised due to market volatility.
  • Shiba Inu’s burn rate recently spiked, yet its price remains volatile.

A recent analysis has put forth the possibility of Shiba Inu (SHIB) surging by 321% if Bitcoin (BTC) reaches $200,000. The analyst highlights a potential correlation between the two cryptocurrencies but urges caution even with market volatility receding.

The analysis references a news article that highlighted a strong correlation between Shiba Inu and Bitcoin, suggesting that if Bitcoin reaches $200,000, Shiba Inu could potentially surpass 5600 points(321% surge.) This would represent an extraordinary surge from its current levels.

Although the predictions seem far-fetched, the speaker emphasized that there is no way to know if there is any correlation between the two leading crypto assets. He then urged viewers to approach with caution, as the cryptocurrency market is notoriously volatile. 

The digital asset market recently suffered one of its worst downturns, with over $1 billion in market value liquidated. Since then, the market has rebounded, with meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogelon Mars (ELON), and Bonk (BONK) showing significant price recoveries .

Adding to the positive sentiment is Shiba Inu’s recent surge in the burn rate, which reportedly increased by an astonishing 38,199,412%, as noted by a user on social media platform X (formerly Twitter). This increase in the burn rate briefly boosted SHIB’s price to $0.00001468. However, as of the latest update, SHIB’s price stands at $0.00001357, reflecting a marginal drop in the past 24 hours.

Furthermore, the analyst advises viewers to consider numerous factors like the launch of new projects or partnerships, or the overall sentiment surrounding SHIB within the cryptocurrency community, before making any investment decisions.

The cryptocurrency market’s unpredictability means that past performance is not indicative of future results. Therefore, the decision to invest in Shiba Inu or any other cryptocurrency should be guided by individual risk tolerance and financial goals rather than speculative predictions.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin dips below $100,000, memecoins plummet as market responds to US tariffs

The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block2025/02/02 17:11

Ethereum Price Dips, Yet Increased Buying Activity Indicates Promising Future

Despite Bearish Trends, Increased Buying Activity Hints at Potential Breakout for Leading Altcoin, Ethereum

Coineagle2025/02/02 17:11

Overview: SOL vs ETH – Deciphering Key Aspects of the Solana-Ethereum Ratio

Untangling the SOL/ETH Dynamics: An In-Depth Look at Solana's Potential for Recovery Following Its Recent 25% Decline

Coineagle2025/02/02 17:11

Two Whales Messed Up on Two Different Altcoins – Forced to Sell at a Huge Loss on the Last Drop

According to Onchain data, two different crypto whales sold their positions after losing on two altcoins. Here are the details.

Bitcoinsistemi2025/02/02 17:00