The global crypto space has displayed some green signs on the chart with 54.28% profits in trading volume round the clock. While the entire market cap has been undergoing a key correction of around $2.50 trillion, the market leaders Bitcoin and Ethereum recorded negative gains of 3.69% and 6.25% in 24 hours. However, Shiba Inu’s price continued to have its streak of luck since the start of the quarter.
SHIB has emerged as the star player in the space with over 1000% profits since the start of Q4. Meanwhile, the insane rally of the meme coin has skyrocketed its price rally to an ATH of $0.00008845 on 28th October 2021. Akita Inu has also been attempting to go in pace with its counterpart. However, as Bitcoin’s dominance is back in action, it appears that traders might move their SHIB gains to the star crypto.
Analyst Hints the Potential Cash-Flow of SHIB’s Profits To Bitcoin!
As meme coin has recorded new ATH outshining top market leaders, Popular crypto analyst Simon Dedic emphasized potential cash flow from SHIB to other cryptos. Owing to the fact of rapid volatility of meme coins. Professional crypto traders have already started swapping their gains for other coins such as Bitcoin, Ethereum, Solana, Polkadot, and more, the analyst added.
On the other hand, the majority of the traders and netizens are skeptical over the future of meme coins. Crypto enthusiast Moon predicts Bitcoin would make its way to $250k, Ethereum price to $20k and SHIB price would be valued zero by the end of 2022.
Moreover, the majority of the netizens argue that meme coin’s are transient, while the flagship crypto has been the foundation stone of the crypto market.
Certainly, the rise in the meme coin values has been widely driven by subjective speculations. Hence, the coins are just exploited in greed to earn profits in the short term. Later, traders make use of those gains to invest in solid crypto projects for long-term gains.
Collectively, the top influencers have been urging the community to be cautious of the SHIB’s potential price dump. On the other hand, Santiment reported Bitcoin’s supply squeeze reaching a 29-month low on exchanges.
This could be a promising sign for bulls as the scarcity of the asset is spiking. Hence, the cash could start flowing towards the star crypto, before you know it!