Shiba Inu’s Surprising Rally: What’s Behind the 15% Price Increase?

Breaking Out of Sluggishness

The second-largest meme coin was relatively sluggish in the past few weeks but managed to break out today and tap a new multi-month peak of over $0.000033.

As such, it briefly re-entered the top 10 altcoins by market cap, but the subsequent retracement pushed it back to 11th spot after Avalanche.

What’s Driving the Rally?

Shiba Inu, alongside the rest of the crypto market, benefited substantially of Donald Trump’s landslide win in the November US presidential elections. It stood below $0.000017 at the time but quickly soared past $0.00003.

However, it slipped in the following weeks to $0.000025, where it stood from November 12 to earlier today. In a somewhat surprising move during the weekend, the second-biggest meme coin shot up by more than 22% and soared past $0.000033 for the first time since March this year.

SHIB Burn Rate and Community Reaction

Although it has retraced slightly, it still trades above $0.00003 and its gains on a 24-hour scale sit at 15%. This price rally came amid a massive rise in the SHIB burn rate on a weekly scale, according to Shibburn.

Forecasts and Predictions

The Shiba Inu community was quick to pick up and celebrate the move, with many predicting even more impressive gains in the future. Some slightly exaggerated forecasts envision a further 10,000% surge for the token, which would make it by far the biggest in the crypto market.

SHIB_KNIGHT was more modest but still predicted a new all-time high for SHIB after today’s surge. It’s worth noting, though, that the meme coin is still 64% away from its peak reached over three years ago. Its price would almost need to triple from its current levels to exceed the $0.000086 reached on October 28, 2021 (CoinGecko data).

Conclusion

Shiba Inu’s recent rally has been a surprise to many, but it’s clear that the community is excited about the potential for further growth. With its price now above $0.00003 and the SHIB burn rate on the rise, it’s possible that we may see even more impressive gains in the future. However, it’s essential to approach any investment with caution and do thorough research before making any decisions.

FAQs

Q: What’s driving Shiba Inu’s recent price increase?

A: Shiba Inu’s price increase is likely due to a combination of factors, including the recent surge in the crypto market, the massive rise in the SHIB burn rate, and the community’s excitement about the potential for further growth.

Q: How high can Shiba Inu’s price go?

A: While some forecasts predict a further 10,000% surge for the token, it’s essential to approach such predictions with caution. The meme coin is still 64% away from its peak reached over three years ago, and its price would almost need to triple from its current levels to exceed the $0.000086 reached on October 28, 2021.

Q: Is Shiba Inu a good investment opportunity?

A: As with any investment, it’s essential to approach Shiba Inu with caution and do thorough research before making any decisions. Consider factors such as the SHIB burn rate, market trends, and community sentiment before deciding whether to invest in the meme coin.