Shiba Inu (SHIB), a doggy-themed meme coin, may be preparing for a major rally to new all-time highs this bull cycle. Analysts predict SHIB can surge above its previous high of $0.000086 after its recent bullish performance.
The price of Shiba Inu rose from around $0.00001 to $0.00002 in the past few weeks, suggesting the potential for a parabolic rally in Q4 2024. A prominent analyst and Shiba Inu supporter, ‘SHIB Knight,’ expressed optimism about SHIB’s prospects on X (formerly Twitter), indicating the coin could surpass the $0.00008 mark.
Shiba Inu reached its all-time high of $0.000086 in October 2021, reflecting a 75.59% increase from its current price. SHIB has built momentum heading into October, needing a 330% surge to reclaim its former peak, though no specific date or price target has been forecasted.
In the past few weeks, SHIB has achieved double-digit gains despite earlier market declines, suggesting renewed interest from investors. CoinMarketCap data shows a 48.20% jump over the past month and a 45.84% increase in the last week, highlighting the coin’s strong performance.
Other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have also gained momentum, with Pepe rising over 38% and Dogecoin increasing by 17% in the past week. This bullish trend signifies a shift in investor sentiment towards the meme coin market.
Analyst ‘AllInCrypto’ on X has noted the positive momentum in meme coins, emphasizing Shiba Inu’s impressive price movements and suggesting the pullback for meme coins might be over.
