Is 2021-Like Parabolic Rally to $1 Possible?
Meanwhile, it’s worth noting that in 2021, Shiba Inu price saw an extraordinary surge of 45000% between January and May. After a notable correction, the coin price offered another 1500% jump to mark an all-time high of $0.00008845 in October. Crypto market enthusiasts speculate whether a similar rally is possible this year in light of recent market events.
At the time of reporting, SHIB price traded at $0.00001936, up nearly 3% intraday. The coin’s intraday low and high were recorded as $0.00001851 and $0.00001948, respectively. The meme coin’s rising trajectory falls in line with the abovementioned burn rate surge and Shibarium growth. Further, Coinglass data indicated a 5% increase in SHIB’s futures OI to $63 million today, underlining increased investor interest in the asset. This has further sparked optimism about the coin’s future action.
Simultaneously, a recent SHIB price analysis by CoinGape Media reveals that the crypto could hit $1 ahead in light of the broader meme coin sector frenzy and SHIB ecosystem developments. Notably, the upcoming Shib DAO Foundation launch, among many other developments, hints that a potential $1 price target for the Shiba Inu coin lies ahead.
