Shiba Inu (SHIB), a prominent meme coin in the cryptocurrency market, has recently attracted attention. SHIB is frequently compared to Dogecoin in terms of market position. The token’s performance in 2024 has been noteworthy.
At the start of the year, SHIB was trading at a price lower than $0.000010. The token then underwent a significant rally, increasing by more than 450% and reaching a high of $0.000045 in the middle of February. Although the current price is still 71.3% lower than the all-time high achieved in 2021, the recent price movement suggests renewed interest and a shift in market sentiment regarding this popular cryptocurrency.
As of now, SHIB is trading at approximately $0.00002471 following a period of consolidation. The token appears to be in a position where it could potentially experience its next price movement. There is uncertainty regarding whether the token has enough fundamental support to drive its value beyond the psychologically important level of $0.00003 by May end.
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How high can Shiba Inu go this May end?
Shiba Inu has plunged by 3.3% in the last 24 hours. SHIB is also eyeing the $0.00003 level, according to CoinGecko data.
According to Changelly analysts, SHIB is expected to trade at a minimum of $0.0000250 and a maximum of $0.0000446 during this weekend. The forecast also highlights that SHIB can hit the $0.00003 level.
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Historically, Bitcoin’s performance has often influenced price movements in other cryptocurrencies. SHIB’s most notable price increases occurred when BTC reached new highs during its rise towards $73,000. As Bitcoin is seen as a key indicator of overall market sentiment, its ability to break through previous resistance levels often leads to a market-wide upswing, particularly for more speculative altcoins.
However, relying solely on Bitcoin’s price action may not be enough to sustain substantial gains for SHIB, especially without significant fundamental announcements or developments. The token’s developers are focusing on increasing adoption and using the SHIB Burn Portal to enhance the token’s economic model.
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Traders should also be aware of the potential for volatile price movements around these psychological barriers, especially if Bitcoin’s current rally faces setbacks. Nonetheless, Shiba Inu’s overall trajectory suggests it has the potential to surpass its previous all-time high sometime this year.
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