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Shiba Inu Targets New All-Time Highs
Shiba Inu (SHIB), the popular doggy-themed meme coin, has recently exhibited a substantial price increase, jumping from around $0.00001 to $0.00002 in the last few weeks. This significant price surge suggests that SHIB could be on the verge of a parabolic rally in the Fourth Quarter (Q4) of 2024.
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According to a prominent crypto analyst and Shiba Inu supporter known as ‘SHIB Knight,’ the meme coin’s current bullish performance indicates a promising price outlook. In a post on X (formerly Twitter), SHIB Knight shared a price chart, predicting that Shiba Inu is poised to surpass the $0.00008 mark.
Further solidifying his optimistic forecast, SHIB Knight declared that Shiba Inu was finally ready to achieve a new all-time high, marking a significant milestone for the meme coin. Back in October 2021, Shiba Inu reached an all-time high of $0.000086, reflecting a 75.59% increase from its current price. With SHIB currently trading at $0.00002, a 330% surge would be required to reclaim its previous peak.
Although SHIB Knight has not provided a specific date or price target, he confidently announced that Shiba Inu could surpass its all-time highs during this bull cycle, potentially breaking above the $0.000086 mark.
SHIB Maintains Powerful Momentum
Shiba Inu has been on a robust upward trend in recent weeks, achieving double-digit gains despite earlier market declines. The meme coin’s recent performance suggests a renewed interest and demand from investors.
Data from CoinMarketCap reveals that SHIB has jumped by 48.20% over the past month. Additionally, the cryptocurrency saw another 45.84% increase in the last seven days, underscoring its strong price dynamics.
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Other meme coins, such as Dogecoin (DOGE) and Pepe (PEPE), have also been gaining momentum in the past week. Pepe recorded a price increase of over 38%, while Dogecoin rose by 17% during the same period.
This shift from bearish to bullish trends highlights a significant change in investor sentiment towards the meme coin market. A crypto analyst known as ‘AllInCrypto’ on X has acknowledged the recent positive momentum in meme coins, noting that Shiba Inu’s price dynamics are looking promising.
The analyst also mentioned that the pullback for meme coins is likely over, evidenced by Shiba Inu’s impressive price movements, which have recorded additional gains of 9.48% just today.
With SHIB maintaining strong momentum and investor interest, the meme coin appears to be preparing for a substantial rally, potentially reaching new all-time highs in the near future.
