Shiba Inu (SHIB) saw a significant surge of nearly 10% on Friday, capturing bullish momentum and drawing attention from investors. The sudden double-digit gains boosted portfolios within hours, bringing relief to those who had invested in the token earlier this month. Those who entered SHIB at key support levels in early October are now reaping the rewards as the token’s price rallies upward.
This jump follows four months of price stagnation, during which SHIB traded sideways without showing any significant movement on the charts. During this period, many investors saw their holdings dwindle as the token struggled to regain traction, testing their patience.
The recent rally marks a turnaround, with SHIB recovering lost ground and showing promising signs of remaining in the green. With growing trading volumes and renewed confidence, the token is once again positioning itself as a player to watch in the volatile cryptocurrency market.
Why Is Shiba Inu Rallying Today?
Shiba Inu is gaining momentum on the charts as Bitcoin reached a new all-time high of $118,780 on Friday, marking a milestone in the cryptocurrency market. Bitcoin’s surge of over 8% in 24-hour trading not only solidified its position as a market leader but also positively impacted other cryptocurrencies.
Shiba Inu, riding on the wave of market enthusiasm, experienced significant upward movement. Meanwhile, Ethereum also made headlines, surpassing the $3,000 mark and drawing strong bullish sentiment from investors. ETH jumped nearly 9% in daily trading, reinforcing its status as one of the most sought-after cryptocurrencies.
Bulls are setting their sights on pushing SHIB to the $0.00002 range, presenting a potential 55% return on investment (ROI) from its current price. This means a $1,000 investment could grow to $1,550 if Shiba Inu hits the target.
Both stock and cryptocurrency markets are riding a wave of optimism this month. While a dip occurred earlier due to Trump’s 25% tariffs on Japan and South Korea, markets quickly bounced back midweek. This recovery is reflected in the crypto space, with Bitcoin, Ethereum, and Shiba Inu gaining momentum. If the trend holds, another significant surge could be on the horizon.
Also Read: Bitcoin Hits New ATH of $112K on Binance, $192M in Shorts Liquidated in Just 60 Minutes
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
