Doggy-themed meme coin, Shiba Inu (SHIB), could be gearing up for a major rally to new all-time highs this bull cycle. Given the cryptocurrency’s recent bullish performance, analysts predict that Shiba Inu can surge above its all-time high of $0.000086.
Shiba Inu Targets New All-Time Highs
The price of Shiba Inu recently jumped from around $0.00001 to $0.00002. This significant price increase occurred in the last few weeks, hinting that the popular meme coin may be getting ready for a parabolic rally in the Fourth Quarter (Q4) of 2024.
Based on the meme coin’s current bullish performance, a crypto analyst and prominent Shiba Inu supporter identified as ‘SHIB Knight’ has expressed optimism about SHIB’s price outlook. In an X (formerly Twitter) post, the analyst shared a Shiba Inu price chart, suggesting that the popular meme coin was gearing up to surpass the $0.00008 mark.
Further solidifying his bullish forecast, SHIB knight declared that Shiba Inu was finally ready for a new all-time high, marking a historical milestone for the meme coin.
In October 2021, Shiba Inu achieved an all-time high of $0.000086, reflecting a 75.59% increase from its current price. Notably, SHIB has been building more momentum as September wraps up, hinting at a possible strong rally in October. Moreover, with the cryptocurrency currently trading at $0.00002, it would need a 330% surge to reclaim its former peak.
Although SHIB Knight has not forecasted a specific date and price target, he has boldly announced that Shiba Inu could surpass its all-time highs, with the potential to break above $0.000086 this bull cycle.
SHIB Maintains Powerful Momentum
The price of Shiba Inu has been on a powerful upward trend in the past few weeks, achieving double-digit gains despite previous market declines. While the popular meme coin experienced its share of price declines earlier this year, Shiba Inu seems to be making a comeback, suggesting a renewed interest and demand from investors.
Data from CoinMarketCap shows that SHIB has jumped by 48.20% over the past month. Additionally, the cryptocurrency saw another 45.84% increase in the last seven days, highlighting its strong price dynamics.
Similarly, other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have been steadily gaining momentum in the past week. Pepe has recorded a price increase of over 38% in the past week, while Dogecoin has risen by 17%.
This sudden change from bearish trends to bullish underscores a significant shift in investors’ sentiment towards the meme coin market. A crypto analyst identified as ‘AllInCrypto’ on X has also acknowledged the recent positive momentum in meme coins, highlighting that Shiba Inu’s price dynamics are looking great.
The analyst also noted that the pullback for meme coins was likely over, as evidenced by Shiba Inu’s impressive price movements, which have recorded more gains of 9.48% just today.
Featured image created with Dall.E, chart from Tradingview.com