This second largest meme coin has been quite sluggish over the past few weeks but broke out today and reached a new multi-month high of over $0.000033. As a result, this coin quickly returned to the top 10 altcoins by market capitalization, but a subsequent correction pushed it down to the 11th position after Avalanche.
Shiba Inu, along with the rest of the cryptocurrency market, significantly benefited from Donald Trump's resounding victory in the U.S. presidential election in November. Its price was below $0.000017 at that time but quickly surged above $0.00003.
However, it slid down in the following weeks to $0.000025, the price from November 12 to early today. In a somewhat surprising move over the weekend, the second largest meme coin surged over 22% and surpassed $0.000033 for the first time since March of this year.
Although it has slightly decreased, it is still trading above $0.00003 and the increase in 24 hours is 15%. This price surge comes amidst a strong weekly burn rate of SHIB, according to Shibburn.
The Shiba Inu community quickly embraced and celebrated this move, with many predicting even more impressive growth in the future. Some forecasts slightly exaggerate by envisioning a 10,000% increase for this token, which would make it the largest token in the cryptocurrency market.
SHIB_KNIGHT is more modest but still predicts a new all-time high for SHIB after today's price surge. However, it should be noted that this meme coin is still 64% away from the peak reached over three years ago. Its price needs to nearly triple from the current level to surpass the $0.000086 achieved on October 28, 2021 (CoinGecko data).
