Shiba Inu (SHIB) is following the recovery of the cryptocurrency market, up 5.3% on the daily chart, 4.5% on the weekly chart, 3.6% on the 14-day chart, and 1.6% on a month-on-month basis. SHIB’s price has also risen by nearly 92% since September 2023. This price prediction article will discuss whether SHIB can reach $0.00002 by the end of this week.
Factors affecting SHIB price increase
Why is Memecoin rising today?
SHIB’s rise could be due to Bitcoin (BTC) reclaiming the $62,000 level for the first time since late August 2024. Overall market sentiment appears to have experienced a bullish reversal.
BTC’s rise is likely due to the Federal Reserve’s 50 basis point rate cut, the first rate cut in the United States in nearly four years, and rate cuts typically lead investors to make riskier investments.
SHIB Weekend Price Prediction: Can It Reach $0.00002?
According to Changelly’s analysis, Shiba Inu (SHIB) will continue to rise in the coming days. The platform expects the asset to reach $0.00002689 on Sunday, September 22, 2024. Reaching $0.00002689 from the current price levels would mean an increase of about 92.35%.
Changelly's Prediction
Changelly does not expect the price of SHIB to stay above $0.00002 and predicts a correction by the end of this month.
CoinCodex’s prediction
Data from CoinCodex also suggests that Shiba Inu (SHIB) will be bullish in the coming days. The platform predicts that SHIB will reach $0.00002294 on Sunday, September 22, 2024. CoinCodex analysts also do not believe that SHIB will stay above $0.00002 for long. The platform expects a correction to around current levels by the first week of October.
Given that Bitcoin (BTC) continues to trend upward, there is also a chance that SHIB will continue to rise without seeing a pullback.
