The meme coin market is bustling with new coins. While some have continued taking inspiration from Dogecoin (DOGE), a few others were moving in a whole new direction. Amidst this, Shiba Inu (SHIB), one of the most popular meme coins did not budge. The asset continues to stay in the top 20 and has even found its way into the top 10 after its market cap rose to $20.96 billion. Despite this, the price of the asset seems to be moving rather slowly. But things could be changing for SHIB as it prepares to take on the second month of the year.
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Shiba Inu Back In Action
Over the past 24 hours, SHIB recorded a surge of 0.64% in its price. At the time of writing, the meme coin was trading at $0.00001868. This spike was achieved after news of a staggering 1 billion SHIB tokens being burnt came to light. The asset dropped to a low of $0.0000185, earlier today.
It should be noted that the meme coin was trading at $0.00002489 earlier this month. Despite its current drop, a notable number of investors were at a profit. Data from IntoTheBlock revealed that 48% of its holders were making money at SHIB’s current price. Sadly, 49% of them were at a loss.
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How High Will The Meme Coin Surge?
According to CoinCodex, the meme coin will reportedly witness a bullish start to the new month. The asset will surge all the way to a high of $0.00003782 after recording an uptick of 101% from its current price level. The meme coin is expected to see double and triple-digit spikes throughout the week. Holders of SHIB could be in for major gains and the number of those pocketing profits could record a boost.
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