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Shiba Inu ($SHIB) is showing renewed strength, rising more than 16% over the last week of April. Despite a difficult year for meme coins, $SHIB has held up better than major peers like $BONK, $PEPE, and $DOGE.
Its strong 0.82 correlation with Bitcoin suggests it could benefit further if $BTC continues its uptrend. If momentum builds, $SHIB could be poised for a major rally, potentially retesting price levels not seen since late 2021.
$SHIB Holds Up Better Than Other Meme Coins Amid Market Volatility
This year has been difficult for meme coins overall, with 9 out of the top 10 trading in the red.
Shiba Inu is down 33.11%, but it has performed slightly better than other major meme coins like $BONK, $PEPE, and $DOGE, which have suffered even deeper corrections.
While $SHIB’s losses are still significant, its relative resilience could position it more favorably if sentiment across the sector begins to shift.
If the broader crypto market recovers in the second quarter, $SHIB could benefit alongside the entire meme coin sector. Meme coins are known for their exaggerated moves — large-cap meme coins tend to post even bigger percentage gains when the crypto market rallies.
However, they also tend to suffer sharper corrections when the market weakens. If momentum returns, $SHIB could be one of the first meme coins to react strongly to renewed investor appetite for risk.
$SHIB Could Ride Bitcoin’s Momentum as Correlation Hits 0.82
Shiba Inu strongly correlates with Bitcoin ($BTC), currently at 0.82.
With Bitcoin gaining momentum for the second quarter, this high correlation could also position $SHIB for a strong rally.
Over the last seven days, $BTC has increased by more than 10%, while $SHIB has climbed by over 16%. This suggests that $SHIB is already reacting more aggressively to Bitcoin’s positive price action.
If Bitcoin continues to rise and breaks above the $100,000 mark—a level many analysts see as possible for Q2—it could trigger new all-time highs for the broader crypto market.
In that scenario, $SHIB could be one of the biggest beneficiaries among major meme coins.
Given its high beta and strong correlation with $BTC, a major Bitcoin breakout would likely amplify $SHIB’s gains, making it an important token to watch in the coming weeks.
Shiba Inu ($SHIB) Needs 182% Rally to Revisit 2021 Highs
In the last major rally, Shiba Inu posted impressive gains, rising 157% between September 18 and December 11, 2024.
That surge reflected a combination of stronger Bitcoin momentum, renewed meme coin hype, and broader retail participation. $SHIB price has shown that once momentum builds, its rallies can accelerate quickly, often outpacing the general market.
If $SHIB enters a new uptrend cycle, fueled by interest in meme coins and Bitcoin’s push higher, it would need to rise about 182% to retest the $0.000040 level.
This would mark the first time $SHIB reaches that price since December 2021. Given its history of sharp rallies once momentum kicks in, $SHIB could be well-positioned if the market environment stays bullish.