Shiba Inu Price Prediction as SHIB Rockets 226% in a Week – What’s Going On?
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Shiba Inu (SHIB) has rocketed 226% in the last week off the back of a broader market rally that has added three-digit percentage gains to all but one of the six biggest meme coins by market capitalization.SHIB’s gains have far outpaced Dogecoin’s over the week. DOGE rose a not-inconsiderable 68.5%, bringing more joy to holders than market leaders Bitcoin (BTC) and Ethereum (ETH), which only rose 12.1% and 13.6% respectively.Still, it’s Bitcoin and Ethereum that continue to drive the industry narratives that are fuelling the altcoin speculation boom.
Bitcoin came a hair’s breadth away from setting a new all-time high yesterday. Graphs on CoinGecko indicate the world’s favourite cryptocurrency posted an intraday high of $68,912.84 at 15:05 (GMT). Had Bitcoin risen another 0.191445%, it would have set a new ATH.
All things considered, the market leader is only now about 4% from setting a new ATH. Hype over the recently launched spot Bitcoin ETF investment products is helping the rally. As is anticipation for Bitcoin’s upcoming halving, when the new supply gets cut in half. It’s almost a given that Bitcoin will be setting a new all-time high before the halving on April 19.
So if there’s lots of potential upside to Bitcoin, there’s lots of potential upside to Shiba Inu too.
Recent developments in SHIB’s ecosystem are also behind this feverish rally.
On Monday, Shiba Inu’s official X account announced the launch of the Shib Name Service (SNS), giving early access to Shib name tokens.
Like the Ethereum Name Service (ENS), SNS lets network participants swap out unwieldy wallet addresses for names and words, like internet domain names.A look over at SHIB’s trading chart, it is evident just how rapidly its latest rally picked up steam after beginning Monday February 26.
Given the suddenness of the rally, it evidently has to lose momentum, although present indications reveal potentially a bit more upside left.
