Pippen Declares Altcoin Season – Is Shiba Inu (SHIB) Ready to Surge?

Former NBA star Pippen has declared that the long-awaited altcoin season is here, sparking excitement in the cryptocurrency community. In a recent tweet, Pippen highlighted Shiba Inu (SHIB) as one of the altcoins he is closely watching, suggesting that the token is poised for substantial gains amidst the ongoing altcoin rally.

Pippen’s bullish stance on Shiba Inu comes as the altcoin market witnesses a notable price surge. Shiba Inu has seen a remarkable 29.04% increase over the past week, outperforming Bitcoin’s modest 10.09% gain during the same period. The canine-themed token recently reached a multi-month high of $0.00001720, surpassing Stellar (XLM) to claim the 14th position in global market cap rankings. Although SHIB’s price has slightly retraced to $0.00001652, it remains a focal point for traders and investors anticipating further upward momentum.

Apart from Shiba Inu, Pippen also mentioned other top altcoins he is monitoring, including Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Cardano (ADA), and Mog Coin. The surge in these altcoins has fueled speculation that the anticipated altcoin season may have commenced. However, data from CoinMarketCap suggests otherwise.

Also Read: Shiba Inu Price Prediction 2050: Can SHIB Hit $1 Amid Token Burns and Ecosystem Expansion?

According to the platform, the market officially enters an ‘Alt Season’ when 75% of the top 100 altcoins, excluding stablecoins, outperform Bitcoin over a 90-day period. Currently, only 35% of the top 100 altcoins have managed to do so, indicating that the market is still far from the altcoin season benchmark.

Despite the uncertainty, Shiba Inu enthusiasts remain optimistic. Analysts such as Oscar Ramos and Eunice Wong project that SHIB could hit $0.0001 in this cycle, marking a significant 505% surge from its current price. While the broader market debates whether the altcoin season has truly begun, Pippen’s endorsement of Shiba Inu and other altcoins has certainly added fuel to the speculation. Whether or not SHIB will achieve its ambitious price target remains to be seen, but the ongoing momentum indicates that the altcoin market is far from losing steam.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Sean Williams

I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!