The meme coin Shiba Inu $SHIB looks like it could be poised for a major surge to new highs during this bullish cycle. Given the cryptocurrency’s recent bullish performance, analysts are predicting that Shiba Inu could surpass its all-time high of $0.000086.
Shiba Inu Targets New Record Highs
Shiba Inu price recently jumped from around $0.00001 to $0.00002. This massive price surge occurred over the past few weeks, suggesting that the popular meme coin could be ready for a strong run in Q4 2024.
Based on the meme coin’s current bullish performance, a prominent crypto analyst and Shiba Inu supporter known as “SHIB Knight” has expressed his optimism about the future of $SHIB ’s price. In a post on X (formerly Twitter), the analyst shared a chart of the Shiba Inu price, noting that the popular coin is poised to surpass the $0.00008 mark.
To confirm his bullish prediction, SHIB Knight announced that Shiba Inu is finally ready to hit a new all-time high, marking a historic achievement for the meme coin.
In October 2021, Shiba Inu hit an all-time high of $0.000086, reflecting a 75.59% increase from its current price. It is worth noting that SHIB gained further momentum towards the end of September, suggesting a potential strong run in October. Furthermore, with the cryptocurrency currently trading at $0.00002, it would need a 330% surge to reclaim its previous peak.
Although SHIB Knight did not predict a specific date or price target, he boldly announced that Shiba Inu could surpass its previous highs, with the potential to surpass the $0.000086 mark during this bullish cycle.
Shiba Inu maintains strong momentum
The price of Shiba Inu has been on a strong upward trend over the past few weeks, posting double-digit percentage gains despite previous market declines. While the popular meme coin saw a price drop earlier this year, Shiba Inu appears to be making a strong comeback, indicating renewed investor interest and increased demand.
Data from CoinMarketCap indicates that $SHIB has jumped by 48.20% over the past month. Additionally, the cryptocurrency has seen another 45.84% increase over the past seven days, highlighting its strong market dynamics.
Similarly, other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have seen a steady increase in momentum over the past week. Pepe has seen a surge of over 38% in the past week, while Dogecoin has gained 17%.
This sudden shift from bearish to bullish trends indicates a significant shift in investor sentiment towards the meme coin market. A crypto analyst known as “AllInCrypto” on X also acknowledged the recent positive momentum in meme coins, noting that Shiba Inu’s price dynamics look great.
The analyst also noted that the decline in meme coins may be over, as evidenced by the impressive price action of Shiba Inu, which posted an additional 9.48% gain today alone.
