Bitcoin

Shiba Inu is outperforming Bitcoin in 2024 and it’s not even close. But does that make it a purchase?

Published

8 months ago

26 May, 2024

Shiba Inu is outperforming Bitcoin in 2024 and it's not even close. But does that make it a purchase?

Capital markets are off to a hot start so far in 2024. S&P 500 It is Nasdaq Composite They each gained approximately 11% thanks to the euphoria of artificial intelligence, a strong energy market and new advances in the pharmaceutical sector.

However, investors have plenty alternative options outside the capital markets. In recent years, cryptocurrency has emerged as a popular choice for investors beyond stocks and bonds.

With its price rising 69% so far this year, Bitcoin (CRYPTO:BTC) easily outperformed the broader market.

And yet, you would be surprised to know that there is another crypto token outperforming Bitcoin this year? As of the market close on May 20, the price of Shiba Inu (CRYPTO:SHIB) soared 136% – almost double Bitcoin.

Let’s analyze whether Shiba Inu is right for you and whether the token represents a more profitable option than Bitcoin for crypto investors.

Bitcoin x Shiba Inu: what to know before investing

When it comes to cryptocurrency, Bitcoin is probably the best known. Although it is not yet completely a staple among modern monetary transactions, Bitcoin is becoming increasingly used and accepted as a means of payment.

While crypto generally has a more polarizing reputation compared to more established asset classes, Bitcoin is often referred to as “digital gold” due to its reputation as a unique value during volatile economic periods.

Outside of Bitcoin, there are numerous cryptocurrencies. A common misconception is that each of these tokens represents a competing product to Bitcoin. This is not actually the case. In fact, many cryptocurrencies lack any real utility and become relevant for the wrong reasons.

You may remember that a token called Dogecoin it briefly came onto the scene a few years ago after personalities like Elon Musk and Mark Cuban apparently endorsed its applications.

While a degree of humor can be appreciated here, prominent CEOs and investors should refrain from commenting on anything too specific about the markets.

The reason? Well, following the approval of Dogecoin by several billionaires, amateur retail investors invested in the token. This resulted in an outsized boost that fueled the price of Dogecoin, leaving many investors holding the bag.

This is where Shiba Inu comes into the picture. Just like Dogecoin, Shiba Inu is classified as a meme coin. It is not considered as prolific or sophisticated as Bitcoin, and its price reflects this.

With 1 quadrillion tokens in total supply, Shiba Inu is currently trading at a price of $0.000026. Since the value is less than a penny, Shiba Inu is essentially worthless.

The story continues

At a price of approximately $69,000, Bitcoin is very much determined by supply and demand. In contrast, the prices of Shiba Inu and most meme coins are just a reflection of their current sentiment on social media.

A Shiba Inu dog running on the sidewalk.

Image source: Getty Images.

The end result

While Shiba Inu’s percentage return so far in 2024 looks impressive, this is clearly an example of the law of small numbers. In other words, a triple-digit return can lend credence to a profitable opportunity. However, the Shiba Inu’s positive potential is probably more psychological than real.

Furthermore, given the number of tokens changing hands, it will take a huge number of bullish investors to buy (and hold) Shiba Inu before its price reaches even a cent – let alone a dollar.

While crypto is widely considered a risky investment compared to stocks or bonds, investors may want to consider some exposure for diversification purposes.

But that being said, I would encourage investors to avoid meme coins. A good analogy would be to consider meme coins similar to penny stocks.

As with stocks, cryptocurrency investors should look for established and proven opportunities. Right now, Bitcoin has the edge in these respects and is a much safer choice than Shiba Inu – regardless of what the percentage returns look like at first glance.

Should you invest $1,000 in Shiba Inu now?

Before buying Shiba Inu shares, consider the following:

The Motley Fool Stock Advisor analyst team just identified what they believe is the 10 best stocks for investors to buy now… and Shiba Inu was not one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia I made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you would have $652,342!*

Stock Advisor provides investors with an easy-to-follow plan for success, including guidance on building a portfolio, regular analyst updates, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of the S&P 500 since 2002*.

See the 10 actions »

*Stock Advisor returns May 13, 2024

Adam Spatacco has no position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin. The motley fool has a disclosure policy.

Shiba Inu is outperforming Bitcoin in 2024 and it’s not even close. But does that make it a purchase? was originally published by The Motley Fool

Fuente

Up Next

Bitcoin ETF inflows offset April outflows; Rebel Satoshi pre-sale spikes

Don't Miss

Bitcoin drops 2%, but traders say it’s a healthy pullback before the next leg

SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente