Meme coins like Shiba Inu are quickly grabbing attention as Bitcoin confidently approaches the $80,000 price level. In the past 24 hours, Shiba Inu has risen over 20%, setting a daily peak of $0.00002304. Notably, Shiba Inu was last seen in the $0.000023 range five months ago, in June.

Shiba Inu rose 42% in just a few days

Just a week ago, Shiba Inu was trading at a low of $0.00001626. Currently, after breaking the five-month high of $0.00002304, SHIB has seen an impressive price increase of 42% over the past seven days.

This latest development continues the upward trend that Shiba Inu began in the last week of September. To elaborate, from September 23 to September 30, Shiba Inu traded at a low of $0.00001429 but rose to $0.00002156 before the week ended, showing a growth of 50.87%. This price increase came after a long downward trend since March, during which its value had dropped over 70%.

Shiba Inu lost momentum after reaching $0.00002156 and stabilized throughout October, briefly hitting $0.00001553. However, in the most recent price surge, Shiba Inu's price has skyrocketed and shows no signs of cooling off.

SHIB Knight has predicted the rally

Notably, SHIB Knight, a well-known Shiba Inu community analyst, predicted the recent price surge to $0.000023. In a comment last Friday, SHIB Knight noted that Shiba Inu could increase an additional 16%. At that time, SHIB was still trading in the $0.000019 range. It is noteworthy that this forecast has now come to fruition.

Analysts say Shiba Inu is currently reaching all-time highs

Since then, SHIB Knight has acknowledged this milestone and predicted that Shiba Inu is currently preparing for an all-time high price surge. The most recent all-time high for Shiba Inu occurred in October 2021, when it traded above $0.0000884 for a brief period.

Similarly, cryptocurrency analyst Oscar Ramos, who is followed by many, has stated that Shiba Inu is heading towards a market capitalization of $40 billion, which would bring its price closer to its all-time high. From Shiba Inu's current position, the coin would need to increase 293% to break the all-time high.

Notably, in the first quarter of this year, the price of Shiba Inu rose nearly 400% in less than two weeks, reaching a price not seen since 2021.