Dog-themed meme coin, Shiba Inu (SHIB), could be preparing for a big rally to new highs in this bull cycle. Given the cryptocurrency’s recent bullish performance, analysts predict that Shiba Inu may emerge above its all-time high of $0.000086.
Shiba Inu aims for new historic records
THE Shiba Inu price has jumped recently from about $0.00001 to $0.00002. This significant price increase has occurred over the past few weeks, suggesting that the popular meme coin may be preparing for a parabolic rally in the coming weeks. Fourth Quarter (Q4) 2024.
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Based on meme coin high current performancea crypto analyst and prominent Shiba Inu supporter identified as ‘SHIB Knight’ expressed optimism about SHIB Price Outlook. In an X (formerly Twitter) publishthe analyst shared a Shiba Inu price chart, suggesting that the popular meme coin was preparing to surpass the $0.00008 mark.
Further solidifying his bullish prediction, the SHIB rider declared that Shiba Inu was finally ready for a new all-time high, scoring a historic milestone for meme currency.
In October 2021, Shiba Inu reached an all-time high of $0.000086, reflecting a 75.59% increase from its current price. Notably, SHIB has been building more momentum at the end of September, suggesting a possible strong recovery in October. Furthermore, with the cryptocurrency currently trading at $0.00002, it would need a 330% increase to regain its previous peak.
Although SHIB Knight did not predict a specific date and target price, he boldly announced that Shiba Inu could surpass its historical recordswith the potential to surpass $0.000086 in this bull cycle.
SHIB Maintains Powerful Momentum
THE Shiba Inu price has been on a strong upward trend in recent weeks, achieving double-digit gains despite previous market declines. Although the popular meme coin has experienced its participation in price drops Earlier this year, Shiba Inu appeared to be making a comeback, suggesting renewed interest and demand from investors.
Data from CoinMarketCap shows that SHIB jumped 48.20% last month. Furthermore, the cryptocurrency has seen another increase of 45.84% in the last seven days, highlighting its strong price dynamics.
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Likewise, other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have been steadily gaining momentum over the past week. Pepe recorded a price increase of more than 38% last week, while Dogecoin rose by 17%.
This sudden change of downtrends the rally highlights a significant shift in investor sentiment towards the meme coin market. A crypto analyst identified as ‘AllInCrypto’ on X also acknowledged the recent positive momentum in meme coins, highlighting that Shiba Inu price dynamics look great.
The analyst also noted that the meme coin pullback is likely over, as evidenced by Shiba Inu’s impressive price movements, which saw further gains of 9.48% today alone.
Featured image created with Dall.E, chart from Tradingview.com