Shiba Inu (SHIB) is on the move: Can it surpass its peak in a short time?

Shiba Inu Coin's SHIB price seems ready for a rapid rise in the short term while Bitcoin is hovering around $61,000. While altcoins are experiencing a small correction, there is positive movement in dog memecoins, especially Shiba Inu.

While Bitcoin seems to have a very active last quarter of 2024, analysts are expecting an increase in the market. The leading cryptocurrency, which is currently traded at around $61,000 after the last 2 percent increase, may pave the way for sharp increases in memecoins. With Bitcoin's upward movement, SHIB may want to retest the peak it reached at $0.00008845 in late October 2021.

The Shiba Inu price needs to increase by 435 percent to return to its all-time high of $0.00008854 seen in 2021. The recent rise has given hope to investors. Because Shiba Inu has been one of the fastest recovering altcoins. If the memecoin craze continues, it can be expected that the money inflow to the main projects $DOGE , $PEPE , $SHIB and FLOKI will increase.

In addition to these, the news flow regarding SHIB will play a critical role. For example, important developments such as Shiba Inu signing partnerships with large companies or increasing its burning activities will push the price to even higher levels. However, it is always necessary to pay attention to the volatility in memecoins. In a scenario where BTC pulls back, SHIB may sign sharper declines.

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