Bitcoin increasing to more than $69k in March was good news for the whole crypto industry. So, even after reaching a new all-time high, there were bullish rallies in other sectors. Apparently, the memecoin market benefitted as its valuation increased to more than $60 billion. Even though there’s a slight retracement, reaching this milestone could open up more opportunities for Shiba Inu. How is this possible? Let’s dive in to find out!
Bitcoin at $69k, Memecoin Sector Receives $60 Billion Valuation
On March 5, 2024, Bitcoin moved past its previous all-time high. After touching the $69k mark, there were speculations that the apex cryptocurrency would surpass its all-time high. So, it did reach this milestone after increasing to more than $69,200. Nevertheless, the massive surge to $69k allowed other sectors in the crypto market to grow.
The memecoin sector utilized the Bitcoin surge quite well after seeing its valuation increase to over $60 billion. However, it is essential to point out certain things. So, Dogecoin and Shiba Inu were the major drivers of this massive increase in valuation. At one point, Dogecoin and SHIB were the 8th and 9th valuable cryptocurrencies, according to CoinMarketCap. Their values were more than $27 and $25 billion, respectively.
Current Market Outlook for the Memecoin Sector
- It is quite evident that the crypto market is undergoing some correction. So, this also applies to the memecoin market. At the time of writing, data from CoinGecko shows the memecoin valuation is over $50 billion. However, Dogecoin and Shiba Inu are still the primary drivers of this massive market cap. However, there’s a reduction in their valuation. At the time of writing, Dogecoin has a valuation of over $22 billion. On the other hand, Shiba Inu is struggling at above $18 billion.
- Other standout players in this metric are Pepe and Bonk, with over $2 billion market caps each. So, despite Bitcoin retracing its steps to $63k, traders are still pushing investments to memecoins. Data from CoinGecko shows more than a $30 billion trading volume for the memecoin sector. But a significant question remains: Does Shiba Inu stand a chance of another 120x growth?
Can Shiba Inu Increase By Another 120%?
- A massive price correction is ongoing with Shiba Inu in the crypto market. So, with Bitcoin moving down to $63k, SHIB is also declining. Furthermore, there’s more than a 27% dip, and there could be more. Moreover, the market valuation was the most affected, with more than a 27.4% decline.
- While this decline is concerning, data from IntoTheBlock shows the bulls are still holding up. So, about 136 bulls are competing with around 103 bears. In other words, those buying up SHIB are still bigger than those selling off. Thus, if it remains this way, Shiba Inu Stands a chance of another 120% surge in BTC price recovery.
Wrapping Up
In conclusion, the recent BTC surge shows Shiba Inu stands a chance for growth whenever such bullish rallies happen. With Dogecoin as an ally, SHIB performed wonders in the market, reaching a market valuation of more than $25 billion. But with an ongoing price retracement, is there a chance of another 120x growth? The analysis above shows there’s always a chance for this, so long as the bears don’t outnumber the bulls.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
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