Shiba Inu (SHIB) has orchestrated a spectacular resurgence, catapulting by 20% in the wake of Bitcoin’s recent halving event. Positioned as the 11th-ranked memecoin, it’s poised to challenge the dominance of Dogecoin (DOGE), propelled by its expanding ecosystem geared towards widespread adoption.
The ascent of Shiba Inu (SHIB) continues to captivate attention, both for its ecosystem expansion and its commendable price performance. Its surging popularity was on full display over the weekend, coinciding harmoniously with the Bitcoin halving event, where SHIB notched an impressive 20% surge in value.
Presently, SHIB is exchanging hands at $0.00002708, following a modest 1% uptick within the last 24 hours. On a weekly scale, this second-largest memecoin by market capitalization has soared by 16%, emerging as the standout performer among the top 15 cryptocurrencies.
While the culmination of the fourth Bitcoin halving was anticipated to herald a new era of bullish fervor, only a handful of coins have experienced an uptick in prices. Much of this can be attributed to Bitcoin’s lackluster performance, trading at $65,000 with marginal fluctuations within the past 24 hours.
Of particular interest is SHIB’s outperformance compared to its counterpart, Dogecoin (DOGE), which witnessed a 2% decline in value over the same period. This notable performance underscores SHIB’s burgeoning popularity, positioning it as a formidable contender to DOGE. Presently, DOGE commands a market capitalization of slightly over $23 billion, securing the 8th position in the market. Conversely, SHIB boasts a market capitalization just shy of $16 trillion, vaulting to the 11th spot after a noteworthy ascent, fueled by its stellar performance.
Should the bullish momentum persist, SHIB sets its sights on surpassing the 10th-ranked Cardano (ADA), boasting a market capitalization of $18.2 billion. Ascending to the prestigious top ten echelon promises increased clout, facilitating strategic partnerships, network integrations, exchange listings, and heightened investor interest.
The question looms: Can SHIB breach the $0.0001 threshold? Buoyed by a bullish trajectory and robust support at critical levels, investors harbor optimism about overcoming significant resistance barriers. SHIB etched its all-time high at $0.00008845 in 2021, a milestone many stakeholders anticipate revisiting this year.
As per reports from CNF, striking parallels in price patterns to 2021 suggest a replication of similar price dynamics. In 2021, SHIB orchestrated a monumental 1,164% price surge within 30 days, underscoring the rapidity with which prices can fluctuate in 2024.
Renowned crypto analyst Javon Marks recently expressed confidence in SHIB’s bullish trajectory, positing that the journey to $0.0001 hinges on re-entering the $0.00008 range. Furthermore, SHIB’s price trajectory remains intertwined with Bitcoin. Historically, BTC embarks on a bullish trajectory post-halving, culminating in record highs. In 2020, BTC catapulted by over 700%, reaching $64,863 within 18 months. This upward surge invariably influences the broader market, precipitating a surge in numerous coins to new all-time highs.
Experts foresee Bitcoin embarking on yet another rally, with conservative estimates pegging its price between $150,000 and $250,000. SHIB stands poised to capitalize on this renewed surge of investor interest, buoyed by recent network developments and an ever-expanding ecosystem, instilling confidence in substantial returns.