SHIB Is All Set to Lead the Pack of Altcoins Towards a Massive Alt Season!
The Doge killer “SHIB” is back to business. The meme coin has outperformed several coins in the space. And the buzz of the coin is ranging longer than one could ever expect. Which has certainly brought a change in perspective over meme coins. With its impressive growth, netizens have pinned high hopes on the canine coin.
The year has been full of vivid colors for the crypto space. Which began, with Doge initiating the alt season. DOGE’s price for a day rose as high as ~800%, which was overwhelming for the industry. But it did plunge ~300% following the surge.
Enthusiasts are looking forward to a similar surge by SHIB this time around. SHIB’s rally has been independent of any promotional mentions by influencers, unlike DOGE. However, SHIB Price has fallen from its new all-time high. Which some believe to be a consequence of the influencer’s response to the number of SHIB’s he holds.
This Alt Season Could Accompany a Surge in 2x of the Market Cap!
The key statistic, one needs to look out for alt season is the dominance of Bitcoin. Which plays a crucial role as CoinPedia had earlier reported. The alt season initiates with the BTC dominance falling anywhere below 40%. Crypto proponents speculate BTC dominance to plunge to ~35%, amid weakening dominance of the star crypto. Which at press time is at 43.4%.
The current market cap of crypto coins is around $2.7 trillion. With the altcoins holding around 65% of the market share, it would mean significant cash inflow in altcoins. Analyst hopes for a $6 trillion market cap.
Which could possibly empower coins such as Cardano and XRP, which are idle for a brief period of time. With the aforementioned target materializing, ADA and XRP could possibly go 6X and 12X respectively.
Collectively, SHIB could lead a similar rally like DOGE, provided the necessary catalysts stand along. BTC’s dominance fell from 70.59% on the 1st of January 2021, to 59.59% on the 14th of February 2021. Which was when Doge was chugging towards its peak. Hopefully, SHIB follows a similar rally, helping it wag its tail. It is worth mentioning that, the Shib army has played a pivotal role in SHIB’s uptrend.