Lucie, the marketing team lead at Shiba Inu has called upon the crypto community to look closely at SHIB and Bitcoin (BTC). Her wake-up call comes amid a recent price rebound for both digital currencies.
Prices of Shiba Inu and Bitcoin Recovers
Prices of Shiba Inu recently ticked higher after recovering from lows of $0.00002 on May 1. As of today, the meme coin is on track to mark five of six days in gains. CoinMarketCap data shows that SHIB has increased by 5.52% within the last 7 days.
Pay attention $SHIB 🫱🏻🫲🏼 #BTC pic.twitter.com/V29MrpO6UB
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 6, 2024
At the time of writing, SHIB is trading at $0.0000248, demonstrating a price increase of 1% within the last 24 hours. Trading volume also increased by an outstanding 16.4% to $529 million. A key factor contributing to the recent market uptick on SHIB is a surge in burn activity. According to reports from BGEcrypto, over 81,649,878 SHIB have been sent to a dead wallet overnight.
Per Bitcoin’s market resurgence, the world’s leading cryptocurrency recorded an increase of 1.2% in the past day to trade at $64,115. This increase is notable as BTC dipped to lows of $56,500 in the previous week. The reason behind the drop at the time remains unknown, however, spot Bitcoin ETF optimism waned.
However, an earlier report from BGEcrypto suggests that sentiments tilt toward an announcement from the Federal Open Market Committee (FOMC). Nevertheless, the recent price recovery of both BTC and SHIB has kicked off fresh optimism among crypto investors.
Implications for the Crypto Market
The recent price surge, while nominal, could suggest that Bitcoin and Shiba Inu are on the verge of a substantial market rally. Typically, a rebound in the price of Bitcoin acts as a gauge to test the conditions of the broader crypto market.
As the first cryptocurrency and a leading indicator of market movements, BTC’s resurgence is favorable for investor confidence and general market sentiments.
