[The Rise of the Shiba Inu (SHIB): A Comprehensive Guide to the Meme Coin Phenomenon]
Shiba Inu has been a standout performer in the market rally. Shiba Inu is also showing a bullish trend as Bitcoin surges 4% back towards $62,000 levels. Currently, SHIB is priced at $0.000018, up 7% over the past week, marking significant growth.
Since its price of $0.00001294 on July 5, Shiba Inu has grown approximately 40% in ten days. The performance attracted bullish comments from the community. Shiba Inu community analyst SHIB Knight said on X (formerly Twitter) that the asset is breaking through its new high target. Previously, he set three goals of $0.00001760, $0.00001868 and $0.00002043. Currently, the first two goals have been achieved, and the most ambitious goal has yet to be achieved. Analysts also pointed to a possible retracement of Shiba Inu towards the $0.000014 range.
SHIB Knight’s optimism extends to other Dogecoin-themed meme coins. He noted that SHIB is emerging from a bearish trend and showing strength relative to other meme coins. Dogecoin has also followed this trend, surpassing PEPE and Solana-based meme coins BONK and WIF. SHIB Knight predicts that Floki may follow this trend, as it has historically fluctuated alongside Dogecoin and Shiba Inu. Therefore, he warned community members not to short SHIB, DOGE, and FLOKI.
