Shiba Inu Crowned as ‘Blue Chip’ Meme Coin, Crypto Trader Highlights Potential in the Next Alt Season

June 20, 2024
Shiba inu crowned as blue Chip memecoin by crypto trader

Shiba Inu (SHIB) has been hailed as a ‘blue chip’ meme coin by a prominent crypto trader, underscoring its substantial potential and promising outlook for the next alt season.

A crypto trader, who uses the handle trading_vapor, also emphasized the growing significance of meme coins in the crypto market, where they offer both high-risk, high-reward opportunities and a unique appeal to mass retail investors. 

Shiba Inu’s rise to prominence, alongside other established meme coins, signals a shift towards greater legitimacy and stability within this sector, making it a compelling contender for investors seeking to capitalize on the next wave of altcoin growth. The trader emphasized that while most meme coins are often fully diluted and accessible at low valuations, they can also pose risks due to insider control of supply. 

However, there are exceptions – “blue-chip” meme coins like Shiba Inu, the world’s second-largest dog-themed altcoin by market capitalization — which have demonstrated their staying power and garnered a dedicated community. The trader pointed out that these blue-chip meme coins have several advantages, including strong multiples, mass retail appeal (as evidenced by Shiba Inu and Dogecoin’s performance in the last cycle), and momentum-driven potential. These factors make them compelling candidates for the next alt season.

“The advantage of blue-chip meme coins are multiples, which makes them arguably the comfier candidates to hold for a future alt season: no dilution, appealing to mass retail (see $SHIB and $DOGE last cycle’s run), hot sector that drive attention even among crypto- natives, pure momentum vehicles,” the trader highlighted in a lengthy post on X (Formerly Twitter).

The trader concluded that blue-chip meme coins are well-positioned to benefit from the upcoming alt season. This is due to their appeal to mass retail investors, especially in the latter stages of a bull run, and their growing acceptance among crypto-natives in the absence of compelling alternatives in the altcoin landscape.

“There is very good reasons to think that blue-chips meme coins will benefit the most from an upcoming alt-season. Even if brand new categories of altcoins emerge during this cycle, the arbiter of truth will remain mass retail and what they decide to buy during the last innings of the bull run, and there is good reason to think that they’ll pick CEX-listed meme coins just like in 2021,” the trader said.

“Even for crypto-natives, meme coins have become a top choice among altcoins in the absence of good alternatives in the altcoin landscape, and the stickiness of blue-chip meme coins valuations has increasingly legitimized allocating decent positions into these assets, whether it be for individuals or funds,” he added.

Shiba Inu’s price experienced a slight 0.10% uptick in the last 24 hours, reaching $0.00001819. However, the meme coin has faced recent challenges, with a 15.01% decline over the past week and a more significant 29.78% drop over the last 30 days.

Despite these short-term fluctuations, Shiba Inu’s market capitalization remains substantial, currently standing at $10,770,813,476. The circulating supply of SHIB tokens is vast, totaling 589,271,341,245,552, according to the latest CoinMarketCap data

Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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