Renowned NBA Player Scottie Pippen Declares That the Highly Anticipated Altcoin Season Has Commenced While Expressing His Interest in Shiba Inu (SHIB)

Renowned NBA player Scottie Pippen declares that the highly anticipated altcoin season has commenced while expressing his interest in Shiba Inu (SHIB).

Renowned NBA player Scottie Pippen has declared that the much-anticipated altcoin season has begun.

Pippen made the statement about the altcoin season as the prices of altcoins spiked. In the tweet, he said that ‘Altcoin Season is here,’ suggesting that the crypto market has entered a phase where altcoins are outperforming Bitcoin.

Pippen Bullish on Shiba Inu

The NBA legend also asked his followers to reveal which altcoins they are most bullish on. Interestingly, Pippen highlighted Shiba Inu (SHIB) as one of the altcoins he is personally watching.

His mention of Shiba Inu suggests that he is anticipating a massive price spike for SHIB in the current altcoin season. Meanwhile, Pippen also mentioned other tokens he is interested in, such as ETH, SOL, XRP, DOGE, ADA, and Mog Coin.

It's worth noting that the prices of top altcoins have spiked sharply in recent days. This spike comes as investors pour more funds into these altcoins, leading to a rally.

Shiba Inu's Latest Performance

Shiba Inu has seen its price surge in the past week. While SHIB soared 29.04% in the past seven days, Bitcoin experienced a more modest growth of 10.09% within this period.

This follows Shiba Inu hitting a multi-month high of $0.00001720 over the weekend and overtaking Stellar (XLM) to become the 14th biggest cryptocurrency by market cap.

Although SHIB's price has pulled back to the $0.000016 mark, the canine-themed token is still holding the 14th position in the global crypto ranking.

Has Alt Season Commenced?

Following the surge in altcoin prices, including that of Shiba Inu, some fans believe that the highly anticipated altcoin season has begun. However, data from CoinMarketCap indicates that the market is far from the alt season.

According to CoinMarketCap, the market would be in 'Alt Season' when 75% of the top 100 altcoins, excluding stablecoins, outperform Bitcoin in the past 90 days.

At the moment, only 35% of the top 100 altcoins have achieved this feat, with Shiba Inu not included. While Bitcoin has seen gains of 6.11% in the past three months, Shiba Inu's price has soared by only 3.31%.

Despite this, Shiba Inu fans remain bullish on SHIB. Some analysts, like Oscar Ramos and Eunice Wong, believe SHIB will hit the $0.0001 price target this season, marking a new all-time high for the token.

In the meantime, Shiba Inu is currently trading at $0.00001652, showing a 24-hour increase of 1.25%. To reach the $0.0001 mark, Shiba Inu must spike by 505% from its present price.

This content may include the personal opinions of the author and is subject to change with market conditions. Readers are advised to perform independent research and due diligence before making any investment decisions. The Crypto Basic is not responsible for any financial losses.