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.
Top Meme Coins Performance YTD. Source: Messari.
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.
SHIB Correlation With Other Coins. Source: IntoTheBlock.
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.
SHIB Price Analysis. Source: TradingView.
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.
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