This past week, Shiba Inu ($SHIB ) saw significant positive momentum, largely driven by broader market trends. The meme coin experienced a notable price surge of around 30% over the week. The current trading price of SHIB is approximately $0.000025, reflecting increased trading activity and bullish sentiment within the crypto community.

This rally aligns with a wider bullish trend in the crypto market, notably influenced by Bitcoin hitting a new all-time high above $75,000 earlier in the week.

The spike in Bitcoin 's value boosted optimism across altcoins, including Shiba Inu. Analysts have pointed out that Shiba Inu's strong performance may be a precursor to further gains, potentially setting the stage for a larger rally into early 2025.Additionally, Shiba Inu's ecosystem, which includes tokens like BONE and LEASH, and its decentralized exchange, ShibaSwap, have contributed to its appeal.

The overall market sentiment around SHIB has been largely neutral to positive, with increasing social media engagement but a slight dip in news coverage compared to the previous week.

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