Earlier this week, Bitcoin (BTC) surged past $42,000 to a 19-month high, sparking new price bets. Prominent financial figure Bloomberg predicts that Bitcoin is on a long-term rally towards $500,000. According to their report, “Bitcoin topping $42,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.”
Last year, the CEO of Galaxy Digital, Mike Novogratz, made a similar call when he predicted that Bitcoin would hit $500,000 within five years.But what does a Bitcoin rally to $500,000 mean for the rest of the crypto market? Specifically, what does it mean for Shiba Inu (SHIB) and Retik Finance (RETIK), two investor favorites?
Shiba Inu (SHIB): Does the meme coin stand a chance?
Shiba Inu (SHIB) is an Ethereum-based meme coin and Dogecoin (DOGE) competitor. Like DOGE, SHIB features the image of a smirking shiba inu dog as its mascot. Shiba Inu surged over 67 million percent from when it was launched in August 2020, reaching its all-time high in October 2021. SHIB is currently trading roughly 90% below its all-time high.
Apart from the market-wide downtrend that set in after the 2021 bull cycle, another reason for this dramatic fall in the price of Shiba Inu (SHIB) is a lack of utility. Shiba Inu (SHIB) was primarily created as a meme coin with no real-life use cases. As a result, its price was very volatile, with large, unpredictable price swings.
Since 2021, the development team behind Shiba Inu, Ryoshi, has built an ecosystem of DeFi products around the SHIB token to give it more utility. The ecosystem includes a decentralized exchange, an NFT marketplace, an Ethereum layer-2 scaling solution, and a metaverse platform. But this has not done a lot to restore SHIB’s value. The token’s price is still far from its peak.
Shiba Inu (SHIB) is also facing competition from other meme coins. Dogecoin is still the most valuable meme coin, with a market cap nearly double that of Shiba Inu. Newer meme coins, such as PEPE and Grok, also pose a challenge to the current position of SHIB.
Typically, when Bitcoin rises, other cryptocurrencies rise with it. However, SHIB’s dominance is diminishing, making its future questionable.
Retik Finance (RETIK): A Safer Bet
Retik Finance is causing a stir in the decentralized finance (DeFi) market. The project launched its presale campaign earlier this week and sold out the first stage within 72 hours, raising over $450,000. This is among the best presale performances of 2023.
Retik Finance is an Ethereum-based platform that seeks to reshape the financial landscape. Retik’s ecosystem includes a multi-chain Web 3 wallet, futuristic DeFi debit cards, and a payment gateway, among other features.
Let’s see how each of these contributes to the allure of the project:
Retik DeFi Debit Cards: Perhaps one of the most innovative features of this project. Retik DeFi debit cards allow users to spend crypto directly from their wallets on everyday expenses such as grocery shopping or car fuel. A partnership with payment systems such as Visa and MasterCard facilitates instant crypto-to-fiat conversion, allowing users to make payments even to merchants who may not directly accept crypto payments. Users can also use the cards at an ATM anywhere in the world to make cash withdrawals. Retik DeFi debit card users are eligible for up to 5% in cashback rewards.
Retik Pay: This payment gateway provides a user-centric pick for business owners looking to integrate crypto payments into their businesses. It is cost-effective, globally available, and compatible with any e-commerce platform.
Retik Wallet: The wallet is linked to the Retik DeFi debit cards to facilitate the conversion of cryptocurrencies to fiat currency, eliminating the need for decentralized exchanges such as Binance. The wallet prioritizes top-tier security, ensuring the safety of all user transactions and funds. It has been hailed as one of the most secure Web 3.0 wallets. Retik Wallet also enables users to engage in all typical DeFi activities, including swapping, farming, mining, staking, lending, borrowing, and shorting.
These products put Retik Finance ahead of the competition and in an excellent position to benefit from the new investors and volume attracted to the cryptosphere by Bitcoin. In just one week, Retik Finance has established itself as a major contender in the upcoming bull run.
The current price of RETIK is $0.040. Market analysts predict a sustained rally that could see RETIK hit $10 in 2024. To celebrate its early success, Retik Finance is holding a giveaway contest where ten lucky participants will share a $333,000 prize. To learn more about this wonderful opportunity,
Visit the links below for more information about Retik Finance (RETIK):