Public account: Lazy King Squirrel
Shiba Inu (SHIB) appears to have entered a bullish trend again. The dog-themed asset has risen 2.9% on the daily chart, 4.0% on the weekly chart, and 28.8% on the 14-day chart, up 37.8% from last month. Ranked 12th by market capitalization, the crypto project has grown 207.1% since November 2023.
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Why is Shiba Inu gathering today?
The latest surge in SHIB may be due to BTC reaching a new all-time high of $99,261.30 earlier today. The rise of BTC has fueled momentum in the entire market, driving other assets into a bullish trend.
The rise of BTC may be due to rumors about Donald Trump being elected the "crypto czar". Trump winning the US presidential election would significantly boost investor confidence due to his support for cryptocurrencies. Market participants expect crypto regulations to be more lenient under Trump's leadership.
Will the asset price reach $0.00005 before 2025?
CoinCodex analysts say SHIB could surge to $0.00005204 by November 26, 2024. The platform expects the asset's price not to stay above $0.00005 for an extended period. CoinCodex analysts predict SHIB will retrace to around current levels in early December 2024.
Changelly analysts have a similar outlook on Shiba Inu (SHIB). The platform expects the asset to surge to $0.00005049 on November 25, 2024.
According to CoinCodex and Changelly's forecasts, SHIB may face a correction after surging to $0.00005.
One of the biggest obstacles to SHIB's price increase is the project's massive supply. The team is reportedly working on a new burning mechanism that could potentially burn trillions of tokens annually. If the team can significantly reduce SHIB's supply, we may see much higher price levels than expected.
