While there has been an increase in meme tokens in recent days, Bitcoin (BTC) and Ethereum (ETH) prices have fallen slightly.
While the change in Solana (SOL), XRP and BNB remained limited, the popular meme token Shiba Inu (SHIB) attracted attention with an increase of more than 12% in the last 24 hours.
Why is Shiba Inu (SHIB) on the Rise?
While SHIB could not maintain this rise, it fell to the level of 0.000027 dollars.
While this success of SHIB, in the face of the small retreat in Bitcoin and Ethereum, attracted the attention of analysts, a SHIB comment came from Rennick Palley, the co-founder of the crypto fund Stratos.
Speaking to Coindesk, Palley said that this increase in SHIB was due to the interest of Asian traders.
“Popular meme tokens are rising mainly due to Asian traders re-entering the market.
Most are seen increasing in price the most during Asian trading hours, around midnight US time.
“This rise in meme tokens is a continuation of the excitement around the spot ETH ETF and the regulatory shift in the US to become more pro-crypto.”
What Does Bitcoin Need to Rise?
Apart from Palley, FxPro senior market analyst Alex Kuptsikevich also announced his Bitcoin expectation.
Kuptsikevich stated that Bitcoin has shown high volatility lately and remained in a downward trending trading range, and said that BTC needs to close above $ 70,000 daily for it to rise.
“A clear bullish breakout and a daily close above $70,000 would break the bearish trend in Bitcoin.
“Until then, we can expect BTC to move around $68,000 as a classic development.”
*This is not investment advice.