NBA Legend Scottie Pippen Ignites Shiba Inu (SHIB) FOMO by Declaring 'Altcoin Season Is Here'

NBA Hall of Famer Scottie Pippen is making headlines in the cryptocurrency sphere following his bullish statements on Shiba Inu (SHIB). In a recent tweet, Pippen boldly announced, “Altcoin Season is here,” sparking excitement among retail investors and meme coin enthusiasts.

Pippen's claim comes as alternative cryptocurrencies like Shiba Inu have experienced remarkable price surges in the past week, outperforming Bitcoin in the short term.

"We're in ALTCOIN SEASON 🤘

Keep an eye on: SHIB, ETH, SOL, XRP, DOGE, ADA, and Mog Coin. (ticker:MOG) in this bull cycle 朐," Pippen stated in a tweet on Thursday.

Scottie Pippen is interested in Shiba Inu, Ethereum, Solana, XRP, Dogecoin, Cardano, and Mog Coin.

As Pippen's endorsement comes amid heightened interest in Shiba Inu, the meme-inspired altcoin is now a major topic of conversation among crypto traders.

Shiba Inu Surges 27.89% In A Week

Shiba Inu has been displaying strong upward momentum. Over the past seven days, SHIB surged by 27.89%, significantly outpacing Bitcoin's 10.09% gain during the same period. The price rally pushed SHIB to a multi-month high of $0.001720, allowing it to leap ahead of Stellar (XLM) and claim the 14th spot in the global cryptocurrency market rankings by market capitalisation.

However, the price has since experienced a slight pullback, now trading in the $0.00001652 range. Despite this minor setback, SHIB remains the 14th-largest crypto asset, continuing to capture investor interest and maintain its position in the market.

Is It Really Altcoin Season?

While Pippen and others have declared the arrival of altcoin season, data from CoinMarketCap suggests otherwise.

According to the cryptocurrency tracking platform, altcoin season is officially recognized when 75% of the top 100 altcoins (excluding stablecoins) outperform Bitcoin over the previous 90 days.

At present, only 35% of these altcoins have surpassed Bitcoin's performance in that timeframe. Interestingly, Shiba Inu is not among the outperformers. Over the past three months, SHIB has seen an increase of only 3.31%, whereas Bitcoin experienced a 6.11% uptick, rendering it the preferred cryptocurrency choice for the majority of altcoins.

According to CoinMarketCap data, Bitcoin is currently trading at $26,386, while Shiba Inu is priced at $0.00001652.

Shiba Inu: A Technical Perspective

Despite the technical indicators suggesting otherwise, optimism among Shiba Inu bulls remains high. Prominent crypto analysts such as Oscar Ramos and Eunice Wong are predicting that SHIB could reach $0.01, a price level that would mark a new all-time high. For this to happen, SHIB would need to rally more than 500% from its current price.

This kind of growth, although ambitious, is not inconceivable during a euphoric crypto cycle. A combination of celebrity endorsements, rising social sentiment, and increased trading volume could act as catalysts for another parabolic move.

In conclusion, while market indicators suggest that we haven't officially entered altcoin season, momentum is undoubtedly building, especially for Shiba Inu. Scottie Pippen's endorsement might have added celebrity firepower, but the fundamentals, community enthusiasm, and recent performance are what continue to sustain SHIB's rally.