This article is available in Spanish.
Dog-themed meme coin, Shiba Inu (SHIB), could be preparing for a big rally to new all-time highs this bull cycle. Given the cryptocurrency’s recent bullish performance, analysts say predict that Shiba Inu can rise above the all-time high of $0.000086.
Shiba Inu aims for new record highs
The the price of Shiba Inu has increased recently from approximately $0.00001 to $0.00002. This significant price increase has occurred in recent weeks, indicating that the popular meme coin may be gearing up for a parabolic rally in the future. Fourth quarter (Q4) of 2024.
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Based on the meme coins current bullish performancea crypto analyst and prominent Shiba Inu supporter identified as ‘SHIB Knight’ has expressed optimism about it SHIB’s price outlook. In an X (formerly Twitter) afterThe analyst shared a Shiba Inu price chart, suggesting the popular meme coin was gearing up to surpass the $0.00008 mark.
The SHIB Knight further strengthened his bullish forecast, stating that Shiba Inu was finally poised for a new all-time record, marking a milestone historical milestone for the meme coin.
In October 2021, Shiba Inu hit an all-time high of $0.000086, reflecting a 75.59% increase from the current price. SHIB in particular has been that build more momentum as September draws to a close, signaling a possible strong rally in October. Furthermore, with the cryptocurrency currently trading at $0.00002, it would require a 330% increase to regain its previous peak.
While SHIB Knight hasn’t forecast a specific date and price target, he has boldly announced it Shiba Inu could surpass its all-time highswith the potential to break this bull cycle above $0.000086.
SHIB maintains strong momentum
The price of Shiba Inu has been on a powerful uptrend in recent weeks, posting double-digit gains despite previous market declines. While the popular meme coin experienced its experience share in price declines earlier this year, Shiba Inu appear to be making a comeback, signaling renewed interest and demand from investors.
Data from CoinMarketCap shows that SHIB is up 48.20% over the past month. Furthermore, the cryptocurrency saw another 45.84% rise over the past seven days, underscoring its strong price dynamics.
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So different meme coins such as Dogecoin (DOGE) and Pepe (PEPE) have been steadily gaining strength over the past week. Pepe has registered a price increase of more than 38% in the past week Dogecoin has risen by 17%.
This sudden change of bearish trends bullish underlines a significant shift in investor sentiment towards the meme coin market. A crypto analyst identified as ‘AllInCrypto’ on X has also acknowledged the recent positive momentum in meme coins, to emphasize that Shiba Inu price dynamics look great.
The analyst also noted that the pullback for meme coins was likely over, as evidenced by the impressive price moves of Shiba Inu, which just posted further gains of 9.48%.
Featured image created with Dall.E, chart from Tradingview.com
