In the past 24 hours, both Shiba Inu and Pepe have shown an impressive 8% increase, outperforming the wider crypto market. This surge comes at a time when the SEC’s decision on the Ark Bitcoin ETF has been delayed, causing the overall market to trend slightly downwards. Notably, some analysts have observed a pattern where BTC dominance peaks and altcoin dominance hits a bottom around ten to twelve months prior to the Bitcoin halving. If history repeats itself, this could be an opportune time to consider investing in altcoins.
The next Bitcoin halving is projected to occur in April or May 2024, approximately eight to nine months away. This upcoming event has sparked speculation about the possibility of an impending “altcoin season.” During such periods, altcoins tend to experience significant price increases, making meme coins particularly enticing options for investors. Given their propensity to pump the hardest, Shiba Inu and Pepe are worth monitoring closely.
Shiba Inu is currently the most trending cryptocurrency on CoinMarketCap. Altstreet Bets, an influential player in the crypto community, has expressed optimism about Shiba Inu’s future, expecting its price to surge even higher. Their confidence is reinforced by the fact that Altstreet Bets had already entered a position when SHIB hit its lowest point in 2022 and swiftly rebounded to reclaim the 2023 yearly open. Additionally, the impending launch of the Shibarium is viewed as a potential catalyst for SHIB’s continued market leadership.
Similarly, Pepe has garnered significant attention and is currently the second most trending cryptocurrency on CoinMarketCap. Notable figures in the crypto community, such as CryptoGodJohn and Rekt_Tekashi, have expressed bullish sentiments towards Pepe. Their tweets indicate an increase in buying volume and a belief that Pepe’s recent rally will continue. Renowned crypto Twitter account KALEO has also shown enthusiasm for Pepe’s potential, mentioning its readiness to “initiate full send.”
It is worth noting that in addition to Shiba Inu and Pepe, there are newly listed meme coins on Uniswap with tickers $SHIB and $PEPE. These tokens, separate from their namesake counterparts, aim to capitalize on the success of Bitcoin. Of particular interest is Shibie Coin, which is currently in its final 48 hours of presale and has already sold over 75% of its supply. With a market cap below $1 million, analysts predict that Shibie Coin could prove to be a valuable investment opportunity.
While a move back to their all-time highs would represent an approximately 8x gain for Shiba Inu and 4x for Pepe, it is important to recognize that new meme coins with low market caps often achieve such returns within hours of their initial exchange listings. Therefore, investors should be mindful of the potential volatility and rapid price movements associated with meme coins.
Meme coins such as Shiba Inu and Pepe have captured the attention of crypto enthusiasts due to their recent impressive performance. The timing, with the Bitcoin halving on the horizon, suggests that altcoins may be poised for a season of growth. As always, investors should conduct thorough research and exercise caution when investing in meme coins, given their inherent volatility. While the market outlook for Shiba Inu and Pepe appears promising, the emergence of new meme coins, like Shibie Coin, offers additional opportunities for investors seeking high-risk, high-reward ventures.