This article is also available in Spanish.
The Shiba Inu (SHIB) piqued the interest of cryptocurrency enthusiasts this week, with its price rising more than 60% as part of a broader rally in the cryptocurrency market. SHIB, the second largest meme coin by market capitalization, is now trading at around $0.00002803 with a 24-hour trading volume of $5.69 billion.
Related reading
This sharp rise has inspired a new wave of enthusiasm among investors, both retail and institutional, as SHIB continues to prove that it is more viable in the cryptocurrency space. The coin’s upward surge has sparked interest on X (Twitter), a site that has garnered more than 41,300 posts mentioning SHIB in recent hours, fueling continued speculation.
$SHIB ❤️❤️💥❤️❤️ pic.twitter.com/k2TmXwhPil
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 13, 2024
Lucy’s bullish forecast for Shiba Inu
Lucy, the Shiba Inu’s marketing director, has spoken out about it Positive evaluation of the tokenConfirming that SHIB will soon achieve its target price of $0.00006. She recently emphasized SHIB’s exceptional lifetime performance in a tweet, which includes a staggering increase of more than 1.9 million percent against the dollar since its inception.
The tweet sparked interest, pushing SHIB to a seven-month high of $0.00003031, and then sold off a bit, despite the fact that Lucy did not provide a specific timeline for when that should happen.
Her enthusiasm is contagious, and many investors are at this point waiting for SHIB to continue its upward trend, potentially reaching new heights to surpass its October 2021 all-time high of $0.00008616.
Whale activity indicates an opportunity to make profits
Along with rising prices, SHIB has seen increased activity from large owners, or “whales,” who are often big movers in the market. Recently, a whale with the title “0xd6b” returned to the market after an eight-month absence, coinciding with recent developments achieved by SHIB.
This whale, an early investor who previously made a $120 million profit from SHIB, transferred 100 billion SHIB, worth $2.81 million, to the Gemini exchange. This move shows that Pisces may benefit from a continued rally.
While such moves often herald a potential cooling bout, they also indicate that important investors are closely monitoring SHIB’s price behavior, contributing to overall market sentiment.
Looking to the Future: Could Altcoins Soar?
While the Shiba Inu maintains its recent momentum, the future is bright. While Lucy warned that we may not yet see a full “altcoin season,” SHIB’s growing presence on social media and excitement over its potential rise suggest a shift in investor opinion.
Related reading
The anticipation of a breakout that could lift SHIB to new levels has left investors very optimistic, with most of them awaiting potential developments in the market. It is uncertain whether SHIB will meet its price expectations, but for now, the meme is definitely one to keep an eye on in the cryptocurrency space.
Featured image from Pexels, chart from TradingView