- Shiba Inu surges 42% in just seven days, hitting a five-month high of $0.00002304.
- The coin’s recent rally follows a 70% decline earlier this year.
- Analysts, including SHIB Knight and Oscar Ramos, forecast further gains, with an all-time high in sight.
Meme coins like Shiba Inu are rapidly stealing the spotlight as Bitcoin confidently approaches the $80,000 price level. In the last 24 hours, Shiba Inu has surged by over 20%, establishing an intraday peak of $0.00002304. Notably, Shiba Inu was last seen in the $0.000023 range five months ago, in June.
Shiba Inu Rallies 42% in Just Days
Just last week, Shiba Inu traded at a low of $0.00001626. Now, having broken a five-month high at $0.00002304, SHIB has staged an impressive 42% price surge over the past seven days.
This latest development continues the uptrend Shiba Inu began in the last week of September. For context, between September 23 and 30, Shiba Inu traded as low as $0.00001429 but rallied to $0.00002156 before the week ended, representing a growth of 50.87%. This rally followed a long downtrend since March, during which its value had dropped by over 70%.
Shiba Inu lost further momentum after reaching $0.00002156 and consolidated throughout October, briefly touching $0.00001553. However, in its most recent rally, Shiba Inu’s price has been soaring higher, with no signs of cooling off just yet.
SHIB Knight Predicted the Rally
Remarkably, SHIB Knight, a prominent Shiba Inu community analyst, had predicted the recent rally to $0.000023. In a commentary last Friday, SHIB Knight noted that Shiba Inu could see an additional 16% rise. At the time, SHIB was still trading in the $0.000019 range. Remarkably, this forecast has now come to fruition.
Analysts Say Shiba Inu Now Set for All-Time High
Since then, SHIB Knight has acknowledged this milestone and projected that Shiba Inu is now poised for an all-time high rally. Shiba Inu’s last all-time high occurred in October 2021, when it briefly traded above $0.0000884.
Similarly, widely followed crypto analyst Oscar Ramos has stated that Shiba Inu is headed for a $40 billion market cap, which would bring its price closer to its all-time high. From Shiba Inu’s current position, the coin would need to rally by 293% to break its all-time high.
It’s worth noting that in the first quarter of this year, Shiba Inu surged by nearly 400% in less than two weeks, reaching a high price not seen since 2021.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
