NBA icon Scottie Pippen has picked his favorites for the next crypto bull run. Namely, the 6-times NBA Champion expects a crypto bull run due to the fact that Bitcoin’s (BTC) latest $111K price record hasn’t pushed the global market cap above $4 trillion yet.
Scottie Pippen Now a Proud Shiba Inu Bull?
If there’s definitely a lot more potential to be unleashed, the Chicago-turned-crypto bull has a few more altcoins added to his watch list, including Shiba Inu (SHIB). However, this is not the first time when the popular Japanese hunting dog meme coin caught the bull’s eye.
Aside from Shiba Inu (SHIB) coin, Scottie Pippen has his eyes peeled on alts like Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB) & Cardano (ADA) & the fellow canine crypto Dogecoin (DOGE). Despite declaring altcoin season, Scottie’s bullish prediction didn’t have an immediate impact on Shiba Inu’s (SHIB) price. What’s stopping the shine?
Shiba Inu Stalls: Bears Gone Wild Again?
In spite of the 11% upswing last week, Shiba Inu’s price movement continues to stall amidst stagnant trading streams. On Spot markets, the trading volume this Monday stood at $127 million. On the Derivatives side, the market was a bit more lively with $240 million garnered in volume across all SHIB’s Perpetual smart contracts.
This has kept Shiba Inu’s market value in a narrow range, not exceeding $0.00001196 in the past 7 days. If the Shiba Inu coin doesn’t restore the $0.000012 resistance level soon, chances are another zero is added to SHIB’s price. Notably, the current on-chain metrics are mostly bearish with the large transactions dropping by 13.23%.
The significant drop of 13.23% in transactions over $100K in 24 hours aligns with the story of indecision between largest crypto investors, otherwise known as whales. The whale-tracking Money Flow (MFI) index has flashed just above 50, signaling neutrality.
On the other hand, the Parabolic Stop & Reverse (SAR) indicator, which is portrayed in the blue charts in the graphic above, hinted at prevailing crypto bear dominance. If the mentioned blue dots continue to flash above the current Shiba Inu’s price, a further downswing could be expected before Scottie’s dream manifests itself.
On The Flipside
- NBA legend Scottie Pippen included his own Game 5 Ball meme coin in the crypto watch list.
- Paying homage to the Bulls’ finals win, this coin was falsely introduced as a Real World Asset.
Why This Matters
Celebrities involved in the cryptocurrency field contribute towards adoption, but the opinionated crypto predictions don’t always hit close. Surprisingly, Scottie Pippen’s controversial “Satoshi Dream” prediction was on point, predicting that Bitcoin would spark to $84.6K on November 5, 2024. A week later, Bitcoin actually breached this level on the way to $98.5K later that month.
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People Also Ask:
NBA legend Scottie Pippen recently named SHIB as a top pick for a potential bull run, alongside XRP and Bitcoin, sparking excitement among crypto fans. His posts on X have fueled speculation about SHIB’s price potential.
A celebrity like Pippen hyping SHIB can drive attention and price spikes, especially with SHIB’s history of community-driven rallies and burns reducing its supply. Analysts even predict SHIB could hit $0.0001 in favorable conditions.
Celebrity endorsements can inflate hype but don’t guarantee success. Some celebrities have been linked to scams or pump-and-dump schemes, leaving investors with losses. Always verify their involvement and project legitimacy.
There’s no evidence Pippen holds SHIB or that his endorsement is tied to a coordinated effort, but meme coins can crash as fast as they rise. Past celebrity-backed coins have led to rug pulls, so investors should always keep a critical thinking.
Research SHIB’s fundamentals, like its metaverse plans and token burns, but don’t rely solely on Pippen’s hype. Crypto is unpredictable—set a budget, diversify, and stay updated on market trends with DailyCoin to avoid getting burned.
