Shiba Inucoin is currently trading around $0.00002585 on Thursday and is attracting bullish sentiment. The dog-themed token has surged 8.1% in day trading and is poised for another uptick on the charts. The broader cryptocurrency market saw a massive surge in prices following Trump’s victory in the presidential election, sending Bitcoin to a new all-time high of $93,477.
The rally has propelled Shiba Inu up the charts, causing its value to surge by nearly 50% in a week. SHIB is just 240% away from surpassing its all-time high of $0.00008616 set in October 2021. Can the coin surpass its all-time highs in this bull run and set a new milestone in the index? In this article, we will focus on the price at which SHIB will be trading before the end of the year.
Shiba Inu: About to hit a new all-time high?
A cryptocurrency analyst on TradingView shared a chart showing that the price of Shiba Inu could rise in the coming weeks. According to the price prediction, SHIB could reach a high of $0.000045 by the end of 2024. This is an increase compared to the current price of $0.00002585 and a return on investment (ROI) of about 75%.
Therefore, a $1,000 investment could turn into $1,750 if the price prediction is accurate. However, the prediction is still 95% away from surpassing its all-time high of $0.00008616. For SHIB to hit a new high, the dog-themed token would need to rise another 170% from its current price.
If Bitcoin surges up the charts, it could pull other leading cryptocurrencies along with it. SHIB has mostly moved in lockstep with BTC, and a rise can only help dog-themed tokens. The cryptocurrency market has a promising outlook for the next four years as Trump has adopted a friendlier approach to cryptocurrencies. Reuters reported that Trump is seeking to appoint pro-crypto candidates to high-level financial cabinet positions.
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