Shiba Coin, the self-proclaimed dogecoin killer, has been on a winning streak as of late. The Shiba Coin reached an all-time high following their price surge, bringing more than 46% recently in just two days.
The Shiba Inu coin reached a new high of $0.0000455, topping its previous record price. One Shiba Inu coin is worth $0.0000455 at press time, which ends the last record of $0.388 seen on May 10, according to Coinmarketcap.
First, the price of the meme token rose by nearly 50%, and its month-to-date gain now hovers around 500%.
However, the latest price jump of the SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since then, it has maintained week-long support at roughly $0 .00002796 before resuming its all-time high run.
Shiba Inu Coin Price Analysis
The last SHIB pump observed in early May also came after bitcoin’s ascent to its then-record high of $64,888 that had many people warning about excessive speculation and potential for the market correction.
DOGE has not been doing well recently. It hit a high of $0.73 in early May and has since lost 27%. But the Dogecoin is expected to break out the resistance level and rally soon. SHIB is currently going berserk with such volatility that it’s making DOGEs gains seem puny by comparison.
The Cointelegraph team analyzed the SHIB token and predicted that it would reach $0.00005200, determined based on an expected rebound following the selloff season.
The Shiba Inu coin is currently in high demand, and its developers are using a supply burn strategy to reduce the number of these coins in circulation. This will pave the way for a meteoric rise soon enough. However, The SHIB coin holders have the option of sending their coins to an inaccessible wallet, effectively removing those from circulation.
The Shiba Inu Coin has been all the rage recently, and people are predicting its popularity will only increase as time goes on. Expert says there are high chances we’ll see this coin reach 1 cent in the future, which would be impressive for such predictions.
In addition, Bitcoin, the most valuable cryptocurrency in existence, has seen an unprecedented increase in value. Recently the price reached nearly $67K per coin, topping last week’s record set at just under 50k.
Bitcoin prices have reached a new high this month, with the cryptocurrency trading at almost $62,000. It’s been an incredible run-up from just under 44k earlier in September to where it stands today.