Shiba Inu (SHIB) just reminded the market why it is still Ethereum’s biggest meme coin, achieving a breakout that had been months in the making.
While Ethereum surged past $3,600 this week, posting a 28% gain, SHIB followed close behind, surging nearly 20% and breaking through technical levels it had not managed to maintain since spring. This includes flipping its 200-day moving average and forming a golden cross between the 23-day and 50-day MAs, a combination that finally gives bulls something solid to work with.
This breakout did not happen in isolation. SHIB’s rally kicked into gear almost in sync with ETH’s move. In classic meme coin fashion, it is accelerating harder now that Ethereum has cleared resistance.
The connection is no accident. SHIB has always been Ethereum’s go-to meme asset, so when ETH gains attention, SHIB usually benefits from the overflow.
What makes this move different is the underlying structure. The chart shows a clear shift in character – no random spike and no quick rejection. Instead, SHIB climbed step by step, reclaimed its 200-day trend line and is now holding above $0.00001500, with rising volume.
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If ETH continues to lead the market, SHIB could eye $0.00001698 next – the last major level before the yearly highs.
Whether it follows through depends on how the next few days play out. After months of moving sideways, SHIB is finally showing why it matters when Ethereum takes the lead – not just as a meme coin, but also as the largest altcoin proxy for Ethereum hype.
