The price of Bitcoin has powered higher this week, recently topping $56,000. As the flagship cryptocurrency continues to exhibit strength, profits from the momentum look to be spilling over to altcoins like the meme token Shiba Inu (SHIB).
SHIB has removed a zero from its price after surging past $0.00001 thanks to the positive sentiment surrounding Bitcoin. The 24-hour low stands around $0.00000948, while the high reached $0.00001045.
These moves have added nearly 6% to Shiba Inu’s market capitalization, bringing its total valuation to over $6 billion at the moment. Meanwhile, 24-hour trade volumes have ballooned 202% to tag $362 million – evidence of rising interest off the back of Bitcoin’s rally.
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The recent burst builds on an intensifying narrative that seeks to pit Shiba Inu as a prominent contender against even Dogecoin for the most influential meme coin status. Additionally, as speculation mounts and shifts from traditional crypto blue chips into more speculative altcoins, SHIB is winning increased investor attention.
Much like how previous Bitcoin uptrends ended up spilling over into market-wide altcoin rallies, profits from the current BTC move look to be flowing into SHIB as well, based on the coinciding uptick.
Can Shiba Inu surge higher?
With Bitcoin charging back towards $60,000, history suggests added momentum could continue leaking into Shiba Inu from bulls looking to diversify their exposure. The phenomenon typically feeds on itself, as early movers relaying profits down the line attract wider traders anticipating similar patterns.
For SHIB in particular, reclaiming the psychologically-important $0.00001 level taps into buyer emotions, given that it stands far above the sub-$0.000001 range that dominated across the last year. As volumes now validate, breaching this resistance appears to be a catalyst for immediate flows out of a cautiously optimistic Bitcoin.
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With fundamental momentum also ramping up around renewed token burns and ecosystem expansion, Shiba Inu finds itself at the center of a multiplying positive narrative, both fundamentally and technically.
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