Analyst “Blockchainedbb” recommends Shiba Inu (SHIB) amid bullish sentiment.
Coinbase plans to list SHIB futures, enhancing risk management and market entry.
SHIB could see significant gains if Bitcoin’s price trends are positive.
Pseudonymous crypto analyst “Blockchainedbb” has identified Shiba Inu (SHIB) as a potential portfolio diversifier amid growing optimism surrounding the memecoin’s price trajectory.
The analyst’s bullish stance follows Coinbase’s recent filing to introduce SHIB futures contracts, sparking speculation about SHIB’s potential for significant gains. The self-described full-time stock and crypto trader made this assertion in a recent X (formerly Twitter) post, stating, “SHIB is what attracts retail liquidity for exit.”
Which is why SHIB is one of my top recommendation for this run to 75k. $shib is what gets you retail liquidity for exit! https://t.co/9PK8oTJIyY
— Blockchainedbb (@blockchainedbb) July 1, 2024
Blockchainedbb’s stance comes after Coinbase’s submission of five new futures contracts, including those linked to SHIB, to the US Commodity Futures Trading Commission (CFTC) on Friday. Upon approval, the futures contracts will be listed on the exchange, with trading expected to begin by July 15.
By listing SHIB futures products, Coinbase intends to enhance users’ risk management and facilitate easier market entry. Additionally, the exchange aims to expand its product offering, ensuring a superior trading experience for users.
Meanwhile, this development has fueled bullish sentiment among market participants, particularly within the SHIB community. Similarly, market experts, including Blockchainedbb, are optimistic about Shiba Inu’s price trajectory.
According to the analyst, SHIB’s current position as the top recommendation for Bitcoin’s anticipated price run to $75,000 stems from the recent news and hype surrounding the dog-themed memecoin. Previously, Blockchained described Shiba Inu as a prudent choice for investors looking to adjust their portfolios.
The analyst encouraged traders to capitalize on the current price, emphasizing the crypto market’s volatility. However, Blockchained cautioned that community-driven tokens like SHIB could experience a decline if Bitcoin drops to the $58,000 mark. The pseudonymous analyst noted that buying SHIB through the spot market is a conservative approach as it could likely rebound after a price dip, due to the risk of liquidating leveraged positions during significant price declines.
Historically, Shiba Inu significantly benefited from Bitcoin’s rise to an all-time high above $73,000 in March. Notably, SHIB surged nearly 400% to a three-year high of $0.00004534, just two weeks before Bitcoin’s peak. Analysts anticipate Shiba Inu’s potential rebound soon, possibly reaching the $0.0001 range.
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