TL;DR

• Bitcoin (BTC) surged to approximately $103K after a severe dip, with analysts anticipating a new price discovery phase and potential record highs.
• Shytoshi Kusama stepped down as Shiba Inu’s lead developer, sparking mixed reactions. Their announcement coincided with a brief plunge in SHIB’s price.
• Most meme coins are in the green today (January 28), but Pudgy Penguins dropped 16%, raising concerns about a possible “rug pull.”

BTC Returns to Green Territory

The primary cryptocurrency witnessed a rather quiet weekend during which its price hovered in the $104,000-$105,000 range. However, the bears took control on January 27, suppressing the valuation below $98,000. 

However, the plunge was short-lived, and Bitcoin (BTC) saw its price pump by over five grand in the last several hours. Currently, it trades at around $102,800 (per CoinGecko’s data), while its market capitalization has once again exceeded $2 trillion.

According to X user Rekt Capital, the latest surge could be followed by the beginning of the second phase of price discovery, which may result in a new all-time high. 

“BTC has most likely completed its 1st Price Discovery Correction History, which suggests over the next two weeks… Bitcoin should be able to embark on its second Price Discovery Uptrend to new highs,” the analyst suggested.

Other popular industry participants who recently chipped in include Crypto Tony and Captain Faibik. The former envisioned a major rally if BTC’s price breaks above $106,000, while the latter predicted a new peak of $120,000. 

What’s New Around SHIB?

The popular meme coin was among the worst-affected cryptocurrencies during the market decline at the start of the business week. One important factor that may have intensified its plunge is Shytoshi Kusama’s decision to step down from their active role within the team as the “lead visionary.”

They explained, “There is no more vision needed, only execution and communications.” Kusama revealed they will now serve as “lead ambassador” of Shiba Inu.

“My job moving forward will be to guide projects interested in building with the 36 Chambers of Tech (rebranded to ShibOS simply because there are more than 36 now) and helping them implement global solutions at all levels with our technologies,” they added.

Kusama’s announcement led to some controversial responses. While some X users thanked them for their actions while serving as lead developer, others mentioned some of the project’s failures and blamed them for potentially running away.

It is worth noting that the statement should not be considered a huge surprise. After all, Kusama and Kaal Dhairya (another well-known Shiba Inu developer) previously said that they would step back by the end of 2024 and hand full control over to the community. 

Back then, Kusama claimed that the development was not about abandoning the project but rather “empowering the community even more than they already have.”

Meanwhile, Shiba Inu’s price has recovered from its local bottom and is currently worth around $0.00001896 (per CoinGecko’s data). This represents a 6% increase on a daily scale.

What About the Other Memes?

SHIB is not the only meme coin charting significant gains in the last 24 hours. Its biggest rival – Dogecoin (DOGE) – has spiked by 6.5%, while Official Trump (TRUMP), SPX6900 (SPX), MEOW (MEOW), Gigachad (GIGA), and others have soared by double digits.

On the other hand, Pudgy Penguins (PENGU) is one of the few suffering a substantial decrease. Its price has plummeted by 16% on a daily scale, with some X users suggesting there has been a “rug pull” scenario in place.

Bitcoin’s adventure below $100,000 didn’t last long as the asset reclaimed that level in the past 12 hours and even spiked to over $103,000 earlier today.

The altcoins have also recovered from the Monday morning crash, with some, such as XRP, DOGE, and ADA, posting notable gains.

BTC Eyes $103K

Recall the highly fluctuating price movements that bitcoin encountered last Monday when the asset plunged from $106,000 to under $100,000 in the morning, just to skyrocket by over nine grand in an hour or so to paint a new all-time high above $109,000.

Once Trump’s inauguration finished and he ignored crypto during his speech, BTC slumped once again but maintained the $100,000 level. It remained within six-digit territory by the end of the week and even jumped to $107,000 on Sunday.

Monday, though, began with similar volatility as BTC slumped once again. This time, though, it fell below $100,000 and dropped to a multi-week low of under $98,000, leaving millions in liquidations.

Nevertheless, the bulls stepped up once again and helped the asset recover a big portion of its losses. Earlier today, BTC jumped to $103,000, but it is now slightly below that level.

Its market cap has shot up to over $2 trillion, while its dominance over the alts is just shy of 56% on CG.

Alts Back in Green

The alternative coins plunged a lot harder than BTC yesterday, and most have posted more impressive gains today. XRP leads the pack with a 10% surge that has pushed it to $3.1. Dogecoin, Cardano, Chainlink, Stellar, Sui, and Shiba Inu follow suit, with gains of up to 7%.

Ethereum has neared $3,200 once again, SOL is close to $240, while BNB has tapped $675. The biggest gains come from JUP (21%), XDC (16%), HYPE (15%), and KCS (15%).

The total crypto market cap has recovered $140 billion since yesterday and is up to $3.640 trillion on CG.

Eight of the past twelve months of February going back to 2013 have seen double-digit gains for Bitcoin, according to Coinglass. The average gain for the second month of the year is 15.6%.

Moreover, only two Februaries over the past twelve years have been months of decline, namely in 2014 and 2020. The asset remained flat in February 2018 and 2023, both bear market years.

February 2013 saw the largest gain, with a 62% surge over the month, while the second-highest was in 2024, when BTC surged by 43.5%, climbing from $42,580 to $62,560.

A Bullish Bitcoin February

February 2016, 2017, and 2021 were also bullish for BTC prices, with gains of 20% to 37%. Additionally, 2025 is a post-halving year, and these have all seen positive price action in February.

If BTC manages to scrape just the average performance from the past twelve years next month, it could reach a minimum of $118,000.

The month of March has also historically been good for Bitcoin prices, especially in recent years, with gains in five out of six months since 2019.

However, January has not been so productive for the largest cryptocurrency, with a roughly even split between gains and losses for the month historically.

The asset is up around 8.5% so far this month, currently trading around $103,000 following a dip to $98,000 on Monday. This is higher than its January average of 3.7%.

Ethereum Gains in February

February has been even better for Ethereum prices, historically, with an average increase of 17% since 2017. For the past six consecutive years, ETH has jumped in February, the largest gain coming in 2024 when it climbed over 46% from $2,280 to end the month at $3,380.

March has also been favorable for ETH, but this January is shaping up to be the fourth one to see a decline. Ethereum has fallen more than 5% since the beginning of the month and is currently trading at around $3,200.

If it can match the average performance from the previous Februaries, ETH prices could climb to $3,750, but this would still leave it within the range-bound channel where it has been stuck for the past six weeks.

A repeat of performance in February 2024 could see ETH surge to $4,700, however.