The Shiba Inu (SHIB) meme coin, inspired by dogs, might be preparing for a significant rally towards new all-time highs in this bull cycle. Following the recent positive trend of the cryptocurrency, experts are forecasting that Shiba Inu could soar beyond its all-time peak of $0.000086.
Shiba Inu Aims for New All-Time Highs
Recently, the price of Shiba Inu surged from approximately $0.00001 to $0.00002. This notable price jump took place in recent weeks, suggesting that the beloved meme coin might be on the brink of a parabolic rise in the Fourth Quarter (Q4) of 2024..
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In light of the current positive performance of the meme coin, a well-known crypto analyst and supporter of Shiba Inu, known as ‘SHIB Knight,’ has expressed a hopeful view on the price potential of SHIB. The analyst shared a Shiba Inu price chart in an X (formerly Twitter) post, indicating that the meme coin was poised to exceed the $0.00008 threshold.
Further reinforcing his optimistic predictions, SHIB Knight affirmed that Shiba Inu is now prepared for a new all-time high, marking a significant milestone for the meme coin.
In October 2021, Shiba Inu reached a record price of $0.000086, marking a 75.59% rise from its current value. Notably, as September concludes, SHIB seems to be gaining momentum, indicating the possibility of a strong rally in October. Furthermore, with the cryptocurrency currently priced at $0.00002, a 330% increase would be needed to return to its previous peak.
Although SHIB Knight hasn’t specified a date or exact price target, he confidently stated that Shiba Inu might exceed its all-time highs and has the potential to surpass $0.000086 in this bull cycle.
SHIB Sustains Strong Momentum
The value of Shiba Inu has been climbing robustly over the last few weeks, achieving double-digit percentage gains even during prior market downturns. Despite facing price drops earlier this year, Shiba Inu appears to be rebounding, pointing to renewed interest and demand from investors.
According to data from CoinMarketCap, SHIB has risen by 48.20% in the last month. Moreover, the cryptocurrency experienced an additional 45.84% increase in the past week, showcasing its strong price movement.
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Similarly, other meme coins such as Dogecoin (DOGE) and Pepe (PEPE) have shown considerable strength recently. Pepe has seen a price rise of more than 38% in the past week, while Dogecoin has increased by 17%.
This abrupt shift from bearish to bullish trends signals a significant change in investor sentiment regarding meme coins. A crypto analyst known as ‘AllInCrypto’ on X has also recognized the recent positive trends in meme coins, pointing out that Shiba Inu’s price trajectory appears promising.
The analyst remarked that the downtrend in meme coins is likely over, as evidenced by Shiba Inu’s impressive price movements, which have recorded a further gain of 9.48% just today.
Featured image created with Dall.E, chart from Tradingview.com
