Shiba Inu (SHIB) is showing new strength, increasing by more than 16% in the last week of April. Despite a difficult year for meme coins, SHIB has remained more stable compared to major coins like BONK, PEPE, and DOGE.
The strong 0.82 correlation with Bitcoin suggests that SHIB could benefit further if BTC continues its upward trend. If the growth momentum continues, SHIB may be ready for a significant surge, potentially testing price levels not seen since late 2021.
SHIB Remains More Stable Than Other Meme Coins Amid Market Volatility
This year has been challenging for meme coins in general, with 9 out of 10 top coins trading in the red.
Shiba Inu has declined 33.11%, but it has performed slightly better than other major meme coins like BONK, PEPE, and DOGE, which have experienced deeper corrections.
Although SHIB has suffered significant losses, its relative resilience may position it more favorably if industry sentiment begins to change.
Performance of top meme coins year-to-date. Source: Messari.If the broader cryptocurrency market recovers in the second quarter, SHIB could benefit along with the entire meme coin sector. Meme coins are known for their significant volatility — large-cap meme coins often experience larger percentage increases when the crypto market rises.
However, they also tend to experience stronger corrections when the market weakens. If momentum returns, SHIB could be one of the first meme coins to react strongly to new investor interest in risk.
SHIB Could Benefit from Bitcoin's Surge with 0.82 Correlation
Shiba Inu has a strong correlation 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 surge.
In the past seven days, BTC has increased by over 10%, while SHIB has climbed more than 16%. This indicates that SHIB has reacted more strongly to Bitcoin's positive price action.
SHIB's correlation with other coins. Source: IntoTheBlock.If Bitcoin continues to rise and surpasses the $100,000 mark — a level many analysts believe is possible in the second quarter — it could trigger new highs for the broader cryptocurrency market.
In that scenario, SHIB could be one of the biggest beneficiaries among major meme coins.
With high beta and strong correlation with BTC, a significant Bitcoin surge could amplify SHIB's profits, making it an important token to watch in the coming weeks.
Shiba Inu (SHIB) Needs 182% Increase to Return to 2021 Highs
In the last major surge, Shiba Inu recorded an impressive increase, rising 157% from 09/18 to 12/11/2024.
That surge reflected a combination of strong momentum from Bitcoin, renewed interest in meme coins, and widespread participation from retail investors. SHIB's price has shown that when growth momentum exists, its surges can accelerate quickly, often outpacing the broader market.
SHIB price analysis. Source: TradingView.If SHIB enters a new growth cycle, driven by meme coin interest and Bitcoin's growth, it will need to increase by approximately 182% to retest the $0.000040 level.
This would mark the first time SHIB reaches that price since December 2021. Given its history of strong surges when momentum begins, SHIB may be well-positioned if the market environment remains positive.
