- Shiba Inu (SHIB) has staged a remarkable comeback, recording a 20% surge since Bitcoin halving a few days ago.
- The 11th-ranked memecoin is looking to challenge Dogecoin (DOGE) driven by its growing ecosystem aimed at achieving mass adoption.
Shiba Inu (SHIB) continues to impress for its ecosystem growth and price performance. SHIB’s popularity is in full view after posting remarkable gains this weekend that coincided with the Bitcoin halving event. SHIB has rallied to add 20% to its price.
At the time of writing, SHIB is trading for $0.00002708 after a 1% surge in the last 24 hours. On the weekly chart, the second largest memecoin by market cap has gained 16% making it the best-performing cryptocurrency in the top 15 coins.
Although the completion of the fourth Bitcoin halving was expected to usher in a new bullish wave, few coins have seen prices go up. Much of it is down to the disappointing performance of Bitcoin which is trading at $65,000 after a marginal change in the last 24 hours.
Interestingly, SHIB is outperforming its big brother Dogecoin (DOGE) which is down by 2% in the last 24 hours. This performance demonstrates SHIB’s rising popularity which has led to SHIB becoming a formidable rival to DOGE. At the time of writing, DOGE enjoys a market cap of a little over $23 billion and is ranked 8th in the market. SHIB, on the other hand, has a market cap of just under $16 trillion and is ranked 11th after jumping a few spots higher due to its remarkable performance.
If bulls can sustain this bullish momentum, SHIB will look to flip 10th-ranked Cardano (ADA) which has a market cap of $18.2 billion. By joining the prestigious top ten rank, SHIB would enjoy greater influence leading to more partnership deals, network integrations, exchange listings, and greater investor interest.
Can SHIB Reach $0.0001?
With SHIB showing a bullish trend and enjoying great support at key support levels, investors are optimistic about breaking above key resistance positions. SHIB established its all-time high of $0.00008845 in 2021, a position many involved with the coin have conviction will be revisited this year.
As CNF has reported, there have been some striking resemblances in price patterns to 2021, pointing to similar price performance. In 2021, SHIB staged a 1,164% price rally in 30 days to reach its peak, a clear illustration of how fast prices can be influenced in 2024.
Crypto analyst Javon Marks has recently conveyed confidence about SHIB’s bullish path. The analyst reasoned that the token’s path to $0.0001 would be triggered once it re-enters the $0.00008 range.
In part, SHIB’s price will be influenced by Bitcoin. Historically, BTC enters a bullish trend after the halving that ends with a record high. In 2020, BTC added more than 700% to reach $64,863 in 18 months. During this rally, the coin influences the rest of the market, leading to a majority of coins posting new all-time highs.
Experts foresee BTC once again rallying with conservative predictions showing it reaching between $150,000 and $250,000. SHIB will be among the coins that enjoy a new wave of investor interest during this time. Coupled with the recent network developments and ever-growing ecosystem, investors are fairly confident of big returns.
