Shiba Inu is currently exploring one of its lowest price ranges, sitting at $0.000005553. The token, however, is up 2% at press time. Shiba Inu has lately been projecting a slow price pace, as markets continue to adopt a volatile stance amid the rising geopolitical tensions. For Shiba Inu to lead holistically, it’ll need more than just rapid whale accumulation and burn management. What SHIB needs is the support of Bitcoin and Ethereum. Here’s why.
Also Read: Shiba Inu Investors Are Accumulating: Should You Buy?
Bitcoin and Ethereum Are Crucial in Supporting Shiba Inu’s Long-Term Growth
Shiba Inu has always been a popular cryptocurrency token for investors to explore deeply. That being said, despite its iconic status and popularity quotient, SHIB’s price has been deteriorating as of late, decaying with each passing second. While we blame the Shiba Inu ecosystem for being too slow or deficient in any new mechanisms, we also must pay attention to the overall market momentum, especially how Bitcoin and Ethereum are performing at the same time.
Primarily, any new money enters into Bitcoin first. Liquidity flows start with Bitcoin determining the course of the entire market. If Bitcoin is down, one must assume the market overall is suffering intensely. The new money makes moves towards Bitcoin first before entering into any altcoin in general.
Secondly, Ethereum is also another major market that SHIB enthusiasts should gauge to figure out the future SHIB momentum. Liquidity improvement in Ethereum with rapid whale accumulation and price spikes could end up elevating the entire ERC 20 token ecosystem, including Shiba Inu, as it’s officially an ETH-based memecoin.
As geopolitical uncertainties continue to wreak havoc, the markets overall have now adopted a cautious stance. The risk sentiment is currently on lower settings, as demand for safe haven assets continues to peak. That being said, one of the highest markers of Shiba Inu’s growth would be when both Bitcoin and Ethereum are performing well, elevating the market’s stance in its entirety, including that of SHIBs.
The Domino Effect
The market momentum plays a crucial role in determining the price of Shiba Inu, much more than we give it credit for. Once BTC and ETH peak, the rising media attention and speculation, coupled with retail sentiment coming back, give rise to more confidence among traders. This scenario allows them to trade freely, investing in major memecoins as a result to gain rapid profits.
In the middle of the rising geopolitical tensions, Bitcoin is doing its best to reclaim the $70K spot. The token briefly went on to hit $70K but has slightly slipped back to trade at $69,989 at press time, as Crypto Patel reveals. Ethereum, on the other hand, is also trying its best to peak, sitting at $2044 at the time of writing.
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