Shiba Inu (SHIB) is the second largest meme coin that has attracted a lot of attention in the cryptocurrency market recently. SHIB is often considered a strong contender when compared to Dogecoin. However, the coin has shown remarkable performance so far in 2024.
SHIB started the year trading below $0.000010 before experiencing a rise of more than 450%, reaching a peak of $0.000045 in mid-February. Although still 67% below its all-time high from 2021, recent price action points to a resurgence of interest and positivity in the viral cryptocurrency.
Currently trading around $0.00002871 after a period of consolidation, SHIB appears to be ready for the next potential price move. The question remains whether the coin has enough fundamental support to push its value above the psychologically important level of $0.00005 this week.
Can Shiba Inu reach $0.00005 this week?
Shiba Inu has surged 10.4% in the past 24 hours and is currently targeting $0.00003 levels, according to CoinGecko data.
If history repeats itself, Bitcoin may be the catalyst first. SHIB’s biggest price surge came after BTC hit new highs during its rush towards $73,000. As a bellwether for overall market sentiment, Bitcoin’s breakout of previous resistance levels often triggers a rally that boosts more speculative altcoins.
Still, without fundamental game-changing announcements, it may be difficult to sustain more of a multi-currency move solely on the strength of Bitcoin. Developers continue to target adoption and the SHIB Burn Portal to enhance the token economy.
So while a short-term surge fueled by market enthusiasm could push SHIB towards the $0.00005 mark, sustaining this price level throughout the week in the absence of major developments or product announcements may be challenging.
Traders should also consider the possibility of price swings surrounding these psychological barriers, especially if Bitcoin’s current rally suffers a setback. Nonetheless, the overall trajectory of the Shiba Inu suggests that it has the potential to surpass its previous all-time high at some point this year.
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