Shiba Inu outperforms Bitcoin in 2024; what’s happening?

Bitcoin gained 69% in 2024, and Shiba Inu gained 136%. This is almost double, and the community is speculating if Shiba Inu has actually outperformed BTC or if it has the potential to stick around on a larger stage, sharing the space with the dominating flagship cryptocurrency with its ETF floating in the market. There is also speculation if this is the right time to buy SHIB.

The token value is way less than that of Bitcoin. BTC costs around $69,000, while SHIB is listed at $0.0000246. It will take a much larger number of activities for the community to scale up its listed reputation. Next, Shiba Inu sports a meme coin whose value severely depends on the ongoing sentiments on social media. For instance, Dogecoin was earlier endorsed by Elon Musk and Mark Cuban. This had brought a significant surge to its price.

Bitcoin, on the other hand, is considered a digital gold, ideal for storing value and seeing it grow amid heavy fluctuations or volatility.

Strengthening the case for BTC is its ETF product, which grants exposure to traders and investors – fetching profits without owning a piece of it.

Bitcoin’s utility is gaining momentum, and the world is starting to accept it as a mode of payment. Altcoins were explored when Bitcoin was consolidating between $61,000 and $64,000. It has broken that strap to move on the way to achieving a new ATH, possibly surpassing the mark of $75,000 by the end of next month.

Analysts believe BTC can go as high as $84,000 to $100,000 by 2024. Alternatively, Bitcoin may touch the mark of $150,000.

Shiba Inu’s primary goal is to dethrone DOGE from the top of the meme chart regarding the market. It has a long way to go if it wants to move above BTC. The current year has been impressive for the meme coin so far. There are chances that it could end on a higher note, but it would be more about gaining a psychological potential than the real potential. Plus, several altcoins are being looked into, which can fetch decent returns in the short term or long term, if not in the short term.

Buying a dip has been favorable in the crypto market, as has buying the bull run. However, the entire crypto market remains dark as major economies consider treating them on par with traditional offerings. There have been advances, but a concrete action plan is still missing. It is time before crypto entirely integrates with mainstream mechanisms.

Buying SHIB, or any other cryptocurrency, requires thorough research and risk assessment. This article does not reflect any kind of recommendation, advice, or suggestion.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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