Doggy-themed meme coin, Shiba Inu (SHIB), could be gearing up for a major rally to new all-time highs this bull cycle. Given the cryptocurrency’s recent bullish performance, analysts predict that Shiba Inu can surge above its all-time high of $0.000086.
Shiba Inu Targets New All-Time Highs
The price of Shiba Inu recently jumped from around $0.00001 to $0.00002. This significant price increase occurred in the last few weeks, hinting that the popular meme coin may be getting ready for a parabolic rally in the Fourth Quarter (Q4) of 2024.
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Based on the meme coin’s current bullish performance, a crypto analyst and prominent Shiba Inu supporter identified as ‘SHIB Knight’ has expressed optimism about SHIB’s price outlook. In an X (formerly Twitter) post, the analyst shared a Shiba Inu price chart, suggesting that the popular meme coin was gearing up to surpass the $0.00008 mark.
Further solidifying his bullish forecast, SHIB knight declared that Shiba Inu was finally ready for a new all-time high, marking a historical milestone for the meme coin.
In October 2021, Shiba Inu achieved an all-time high of $0.000086, reflecting a 75.59% increase from its current price. Notably, SHIB has been building more momentum as September wraps up, hinting at a possible strong rally in October. Moreover, with the cryptocurrency currently trading at $0.00002, it would need a 330% surge to reclaim its former peak.
Although SHIB Knight has not forecasted a specific date and price target, he has boldly announced that Shiba Inu could surpass its all-time highs, with the potential to break above $0.000086 this bull cycle.
SHIB Maintains Powerful Momentum
The price of Shiba Inu has been on a powerful upward trend in the past few weeks, achieving double-digit gains despite previous market declines. While the popular meme coin experienced its share of price declines earlier this year, Shiba Inu seems to be making a comeback, suggesting a renewed interest and demand from investors.
Data from CoinMarketCap shows that SHIB has jumped by 48.20% over the past month. Additionally, the cryptocurrency saw another 45.84% increase in the last seven days, highlighting its strong price dynamics.
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Similarly, other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have been steadily gaining momentum in the past week. Pepe has recorded…
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