Author: Aniket Verma

Popular dog-themed cryptocurrency Shiba Inu (CRYPTO: SHIB) is trading at one-month highs on Wednesday morning amid a broader jump in risk-on sentiment for meme coins.

What Happened: SHIB soared over 14% in the last 24 hours to a market capitalization of over $9 billion.

The coin sailed to an intraday high of $0.00001561, a level last seen on Feb. 23, before reversing slightly due to profit-taking.

SHIB’s trading volume jumped 108% to $453 million, making it one of the most traded cryptocurrencies in the last 24 hours.

Whale interest in the coin soared, with large transactions valued at over $100,000 surging by 72% over the previous day, according to IntoTheBlock.

Moreover, the total balance held by long-term holders rose 0.02% over the last 24 hours, suggesting that accumulation was going on.

Speculation also increased in the derivatives market. The open interest in SHIB futures contracts spiked 33% to levels last seen more than a month ago, as per Coinglass.

This meant more liquidity in the market and a potential for higher volatility in the days ahead.

Why It Matters: World Of Charts, a widely followed X account dedicated to cryptocurrency analysis, noted SHIB’s attempts to break out of the descending channel pattern, projecting a twofold jump if it succeeded.

A descending channel is formed by two downward-sloping trendlines, indicating a bearish trend. However, a potential breakout from the upper trendline could signal a reversal.

$Shib #Shib Breaking Descending Channel Range, Successful Breakout Could Lead Solid Rally In Coming Days, Expecting 2x After Successful Breakout. pic.twitter.com/V0YNZAI80m

— World Of Charts (@WorldOfCharts1) March 26, 2025

See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React

The overall meme coin market capitalization soared 10% to $59.11 billion in the last 24 hours, with other marquee coins such as Dogecoin (CRYPTO: DOGE) and Pepe (CRYPTO: PEPE) also netting returns of 10% and 15.20%, respectively, in the last 24 hours.

Price Action:  At the time of writing, SHIB was exchanging hands at $0.00001540, up 14.30% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has tanked 27%.

Read Next: 

• XRP Has Outshone Bitcoin, Ethereum This Year With Impressive 17% YTD Gains — Will It Reclaim The Third-Largest Crypto Spot?

Image: Shutterstock

Anthony Scaramucci, CEO of SkyBridge Capital, suggested that it’s not too late for investors to get on board the Bitcoin (CRYPTO: BTC) boat, as the leading cryptocurrency approaches its all-time high.

What Happened: On Tuesday, Scaramucci, a passionate Bitcoin advocate, encouraged those who feel they’ve missed out on the cryptocurrency’s recent surge to reconsider.

He wrote, “If you’re watching Bitcoin make new highs and thinking you missed the boat – you didn’t. It’s still VERY early, in my opinion.”

If you’re watching #Bitcoin make new highs and thinking you missed the boat – you didn’t. It’s still VERY early, in my opinion. Read the whitepaper, listen and read people like @saylor @real_vijay @ErikVoorhees.

— Anthony Scaramucci (@Scaramucci) October 30, 2024

Scaramucci urged investors looking to add Bitcoin exposure to read the whitepaper written by pseudonymous creator Satoshi Nakamoto, and following the insights of influential proponents like MicroStrategy CEO Michael Saylor, Vijay Boyapati, author of “The Bullish Case for Bitcoin,” and Erik Voorhees, founder of the cryptocurrency exchange ShapeShift.

See Also: Coinbase Q3 Earnings Highlights: Revenue Miss, EPS Miss, Transaction Revenue Falls From Q2

Why It Matters: Scaramucci’s bullish views on Bitcoin aren’t new. Earlier this month, he revealed that about 55% of his wealth is tied up in Bitcoin and that he hasn’t yet liquidated them for gains.

Scaramucci was also gearing up to launch his book, “The Little Book of Bitcoin,” a guide to understanding the implications of digital asset technology on finance.

In a recent interview with Reuters, Scaramucci projected Bitcoin to hit $170,000 by mid-2026, which would mean a threefold rise over the next 18-24 months.

Price Action: At the time of writing, Bitcoin was exchanging hands at $72,354.45, up 0.24% in the last 24 hours, according to data from Benzinga Pro. 

What’s Next: Anthony Scaramucci and other industry experts like Caitlin Long and Jan van Eck will discuss the impact of the incoming administration on digital asset policy at Benzinga’s Future of Digital Assets event on Nov. 19.

Photo by World Economic Forum on Flickr

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.