Shiba Inu (SHIB), one of the most popular memecoins, has surged nearly 10% on the weekly chart. Although the coin’s price has struggled for most of 2023, it has shown strong growth since October. SHIB struggled to overcome the $0.000008 resistance level but is now getting closer to breaking through $0.000009.
Shiba Inu (SHIB) has grown by about 10% since January 2023. On the other hand, altcoins like Solana (SOL) have surged by more than 400% in the same time frame. The original cryptocurrency, Bitcoin (BTC), has surged by nearly 120% since January. Therefore, SHIB’s performance has been a bit lackluster so far in 2023.
Can Shiba Inu (SHIB) reach $0.00001 this week?
SHIB is currently chasing the $0.00001 price level, which was last seen in August 2023. Despite the launch of the much-anticipated Shibarium earlier this year, the asset’s price has not moved much. The lack of price movement following the launch of Shibarium is likely due to the lack of movement in BTC. SHIB’s price only started to gain momentum after BTC reached a new yearly high.
According to PricePredictions’ machine learning algorithm, SHIB will not reach $0.00001 anytime soon. The platform predicts that SHIB will continue to trade at the $0.000008 level for the rest of November. However, PricePredictions expects the token to reach $0.000009 by early December.
Moreover, CoinCodex does not expect Shiba Inu (SHIB) to reach $0.00001 in November. According to the platform, SHIB might reach its maximum price of $0.000009777 on November 28, 2023.
If BTC continues to rise, SHIB may also follow. BTC is currently leading the cryptocurrency market, and its rebound may cause SHIB to delete a zero. #BTC #ETH
