As an analyst with over two decades of experience in the crypto market, I must admit that I have seen my fair share of ups and downs, bubbles, and bear markets. However, the resilience and adaptability of the Shiba Inu community never cease to amaze me. Today’s breakout and the subsequent surge of SHIB to a new multi-month peak is yet another testament to their unwavering belief in this meme coin.
In simpler terms, after being quite slow for several weeks, the second most popular meme cryptocurrency surged ahead today, reaching a fresh high not seen in months, above 0.000033.
Consequently, it temporarily regained a place among the top 10 cryptocurrencies based on market capitalization, yet a subsequent drop in value resulted in it being ranked 11th again, with Avalanche taking the position above it.
Following Donald Trump’s decisive victory in the U.S. presidential elections, Shiba Inu, like other cryptocurrencies, experienced significant growth. Initially trading below 0.000017 USD, it swiftly surpassed that mark and climbed to over 0.00003 USD.
Initially, it fell to $0.000025 from the following weeks, maintaining that price level till recently. Unexpectedly, over the weekend, the second-largest meme coin experienced a surge of more than 22% and surpassed $0.000033 for the first time since March this year.
Despite experiencing a slight pullback, the price is currently over $0.00003 and boasts a 24-hour growth of 15%. This significant price surge coincides with an increase in the weekly SHIB burn rate, as reported by Shibburn.
As a crypto investor, here’s my hourly update on SHIB:
TOKENS BURNT
Past 24Hrs: 15,108,278 (-97.88% ▼)
Past 7 Days: 2,161,898,903 (985.19% ▲)— Shibburn (@shibburn) December 1, 2024
The Shiba Inu community swiftly embraced and applauded this development, with numerous individuals anticipating even greater growth prospects ahead. Some optimistic predictions suggest an astounding increase of up to 10,000%, implying that if realized, it would catapult the token as the most prominent in the cryptocurrency market.
SHIB_KNIGHT, displaying a humbler demeanor, forecasted that SHIB might achieve a fresh record high following today’s rise. However, it is crucial to acknowledge that the meme token remains 64% below its historic peak, which was set nearly three years ago. For SHIB to surpass the $0.000086 mark it reached on October 28, 2021 (as per CoinGecko data), its price would essentially need to triple from its current value.
New ATH Journey started for $SHIB
— $SHIB KNIGHT (@army_shiba) December 1, 2024
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2024-12-01 23:14