Shiba Inu (SHIB), a doggy-themed meme coin, appears to be gearing up for a significant rally, potentially setting new all-time highs in this bull cycle. The cryptocurrency’s recent bullish performance has led analysts to predict that Shiba Inu might surpass its previous all-time high of $0.000086.
In recent weeks, the price of Shiba Inu has surged from approximately $0.00001 to $0.00002. This notable increase suggests the meme coin may be preparing for a parabolic rally in the Fourth Quarter (Q4) of 2024. A prominent crypto analyst and ardent Shiba Inu supporter, known as ‘SHIB Knight,’ has voiced optimism about SHIB’s price trajectory. In a post on X (formerly Twitter), the analyst shared a price chart indicating that Shiba Inu could soon surpass the $0.00008 threshold.
SHIB Knight reinforced his bullish forecast by claiming that Shiba Inu is poised to reach a new all-time high, marking a historical achievement for the meme coin. In October 2021, Shiba Inu attained its all-time high of $0.000086, a 75.59% increase from its current price. As September comes to a close, Shiba Inu is building momentum, hinting at a potential strong rally in October. With its current trading price at $0.00002, SHIB would need a 330% surge to reclaim its former peak.
Although SHIB Knight has not specified an exact date or price target, he confidently asserted Shiba Inu’s potential to break above its all-time high of $0.000086 during this bull cycle.
Shiba Inu has been experiencing a powerful upward trend over the past few weeks, achieving double-digit gains despite earlier market declines. Following a period of price drops earlier this year, it appears to be making a comeback, attracting renewed interest and demand from investors.
According to data from CoinMarketCap, SHIB has increased by 48.20% over the past month and saw a 45.84% rise in the last seven days, underscoring its strong price dynamics. Similarly, other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have been steadily gaining momentum. Pepe recorded a price increase of over 38% in the past week, while Dogecoin rose by 17%.
This transition from bearish to bullish trends highlights a significant shift in investor sentiment towards the meme coin market. A crypto analyst known as ‘AllInCrypto’ on X acknowledged this positive momentum, emphasizing that Shiba Inu’s price trends are favorable. The analyst noted that the pullback for meme coins seemed to be over, as evidenced by Shiba Inu’s impressive price movements, which recorded a gain of 9.48% today.
The resurgence in Shiba Inu’s price, coupled with the broader positive momentum in the meme coin market, hints at a potentially strong performance in the coming months, generating excitement among investors and market watchers.
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