Shiba Inu Holders Shift Funds to This New Bitcoin ICO, Chasing 1,000% Gains
As the Shiba Inu (SHIB) price pulls lower from earlier session highs, traders are shifting funds to a new Bitcoin ICO called 99Bitcoins (99BTC) as they chase 1,000% potential gains.
The SHIB price rallied as high as the $0.000029s earlier in the day, its highest level since early April.
The meme coin, the industry’s second-largest by market cap, is up over 12% since the start of the week.
Shiba Inu, an Ethereum-based ERC-20 token, has been pumping as bets on Ethereum ecosystem growth come in post-Ethereum ETF approvals.
The launch of Ethereum ETFs is expected to bring a flood of new liquidity inflows from institutional investors.
That could bring an outsized benefits to established Ethereum meme coins like Shiba Inu and Pepe (PEPE).
Risks remain tilted towards further SHIB upside, with technicals also looking bullish.
SHIB broke out of a multi-month downtrend earlier in May. Chart analysis suggests a return to yearly highs above $0.000045 is on the cards.
That could mean near-term gains of as much as 65% for SHIB. However, SHIB’s bloated market cap of around $16 billion suggests it’s going to be difficult for the meme coin to muster gains greater than 2-3x this bull market.
It’s no surprise then that Shiba Inu holders have been shifting funds to new projects that might deliver higher gains.
One such crypto, a new Bitcoin ICO called 99Bitcoins, has been attracting a lot of attention recently. Here’s why analysts at Cryptonews rank it as one of their best cryptos to buy in 2024.
One of the biggest barriers to crypto adoption is a lack of knowledge about the emerging technology.
Learn-to-earn is a new, fast-growing concept within crypto that seeks to remedy this problem by introducing an economic incentive.
Having been a leader in the
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