Shiba Inu ($SHIB) closely follows the tracks of Bitcoin ($BTC), as evidenced by the boost it got in March when BTC nearly edged towards its ATH. However, after experiencing a significant growth, the price fell sharply, settling at around $0.00001697 by June’s end. So, even SHIB applied brakes to prevent its upward trajectory from continuing, just like BTC’s bearish movement at the moment. Shiba Inu is not the only crypto to do so, but its link with BTC price movement is significant because it is one of the top meme coins that define the entire segment.
The price of SHIB, which is currently listed at $0.00001616, has decreased by 1.90% in the past 24 hours. BTC is also down by 1.13% during the same time frame, exchanging hands at $57,281.89 at the time of writing this article.
There is a notable upswing in the 24-hour trading volume for SHIB. As the market cap hovers around $9.5 billion, it is up by 12.72%. First, Shiba Inu needed to bank a narrower margin against Dogecoin. However, both tokens are comparatively down, with fewer upticks in sight at the moment. Hence, it is imperative to determine whether any additional milestones can be achieved.
For reference, the level of hype the community creates on the Internet affects Shiba Inu or any other meme coin. The more the hype, the better its position on the trading charts. Meme coins last gained massive attention when speculation about the Altcoin Season was at full momentum. While those discussions have not entirely faded away, there is a definitive shift toward the Spot Ether ETF. One of the two applications has been approved, and the final node of approval could make its listing live at any point this month.
Shiba Inu’s current trading price has increased by 21.09% over the last 7 days and decreased by 26.71% over the last 30 days. Near-term predictions are sending mixed signals. The next 5 days could see a jump of 119.44% from the current value, taking it as high as $0.00003562. Bearish signals could follow, causing the token to drop to $0.00001553, a 4.31% decline. The volatility is 10.49%, and the 14-day RSI comes to 43.86.
The 50-day SMA and 200-day SMA are $0.00002071 and $0.00001942, respectively, and are applicable in the same order.
BTC, on the other hand, has bullish near-term predictions. It could surge to $67,189 in the next 5 days and $78,889 in the next 30 days. The monthly growth would be 38.98% from the current value despite 5.74% volatility.
Overall sentiments for Shiba Inu are bearish, and the FGI has slipped to 25 points. Investors are concerned about diverting their funds to SHIB. The same applies to BTC, which has bearish sentiments at 25 FGI points. There is speculation about buying SHIB while the value is low or waiting for further dips in value. Needless to say, that is purely an individual choice based on one’s investment strategy and risk assessment.