Shiba Inu (SHIB) appears to have entered a new bullish trend, capturing attention with its impressive performance across various time frames. The dog-themed cryptocurrency has risen by 3.09% on the daily charts, marked a 5.65% increase over the week, surged by over 30% in the past 14 days, and experienced a significant 39.46% growth over the last month.
As the 12th-largest crypto project by market capitalization, SHIB has shown remarkable resilience and upward momentum, achieving a staggering increase of 211.6% since November 2023. Investors are closely watching this token as it continues to defy expectations and drive enthusiasm in the crypto market.
What’s Driving Shiba Inu’s (SHIB) Rally Today?
SHIB’s recent surge can be attributed to Bitcoin (BTC) reaching a new all-time high of $99,469.30 earlier today, marking a significant milestone in the cryptocurrency market. Bitcoin’s impressive rally has sparked widespread momentum across the market, resulting in a bullish trend for many other digital assets.
Bitcoin’s recent rally is largely attributed to discussions surrounding Donald Trump potentially appointing a “crypto czar” to oversee cryptocurrency policies. Trump’s victory in the US Presidential election has significantly boosted investor confidence, stemming from his historically pro-cryptocurrency stance and favorable outlook towards digital currencies.
Market participants are anticipating more lenient cryptocurrency regulations under Trump’s administration, which could foster a more supportive environment for crypto investments and innovations. This optimistic sentiment is believed to be fueling the surge in Bitcoin’s value, as investors project a more crypto-friendly regulatory framework in the near future.
Will The SHIB Token Hit $0.00005 Before 2025?
According to our expert’s technical and price analysis, SHIB has the potential to surge to $0.00005 by the end of 2024. However, the analyst cautions that the asset’s price is unlikely to sustain levels above $0.00005 for an extended period. It is expected that market corrections will occur, with SHIB likely reverting to approximately its current levels by early December 2024.
According to the forecasts from our expert’s, SHIB, which recently experienced a surge to $0.00005, might encounter a price correction.
One of the most significant obstacles to SHIB’s price growth is its enormous supply, currently standing at a staggering 589 trillion tokens. This oversupply has been a constant concern for investors looking for substantial price appreciation.
To address this, the SHIB development team is reportedly working on an innovative new burn mechanism. This mechanism is rumored to have the potential to burn trillions of tokens annually, significantly decreasing the circulating supply. If the team succeeds in drastically reducing SHIB’s supply, it could lead to much higher price levels than current predictions suggest.
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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.
