Could Shiba Inu Ride Bitcoin’s $100,000 Wave to New Heights?

$0.3989



but it quickly became something much bigger. Thanks to its community, the “Shib Army” is no longer just a meme.

With projects like ShibaSwap and Shibarium, Shiba Inu becomes more than just a token with a cute pet. He The enthusiasm and support of his fans have made him a true competitor. in the altcoin space.

Bitcoin reached $100,000, what does it mean for Shiba Inu?

Historically, Shiba Inu has often moved in sync with Bitcoinsometimes showing strong price correlations. When Bitcoin rallies, it tends to generate excitement throughout the cryptocurrency market, attracting altcoins like Shiba Inu.

For example, during previous Bitcoin bull runs, Shiba Inu the price experienced a similar bullish momentumbenefiting from increased investor attention.

However, this connection is not always consistent. There have been periods when the Shiba Inu price seemed to go its own way, driven by factors such as Market sentiment, ecosystem and political events..

As for market sentiment, Elon Musk, CEO of Tesla and SpaceX, recently posted an image of a giant Shiba Inu dog portrayed as a dust storm sweeping through a city.

Musk’s post caught the attention of the project’s lead developer, who recognized it as the SHIB token.

Additionally, many responded to the developer’s post, agreeing that it was related to SHIBespecially given the connection with his well-known pet.

This rumor was not just words: shown in the numbersalso. SHIB price rose over the weekend, rising from $0.00003037 to $0.00003329marking a maximum of nine months.

Besides, Shibarium, a layer 2 solution, may influence SHIB price. On December 11, Shibarium network activity reached a major milestone, surpassing 600 million total transactions. Monitoring tools also reveal that Shibarium now has over 2 million unique addresses.

This shows how quickly the platform is growing and how much its infrastructure is expanding. Indicates that More and more people are paying attention and using the Internet..

Besides, Political events influence the cryptocurrency market.and Shiba Inu is no exception. Take the 2024 US presidential election as an example. At that time, Dogecoin and Shiba Inu experienced price increaseswith DOGE increasing by 5% and SHIB by 3%.

When pro-crypto leaders are elected, it can have an even greater effect. After Donald Trump won the 2024 presidential race, Shiba Inu price shot up 67% over the next week. Investors were optimistic and expected the new administration to introduce cryptocurrency-friendly policies.

Shiba Inu Market Conditions

As of December 12, 2024, SHIB is trading at $0.0000288. Over the last 24 hours, the price has increased by approximately 8%with a trading volume of around $753 million.

Regarding the technical indicators, the The Relative Strength Index (RSI) is 39.51 at the time of writing. An RSI below 30 suggests the asset is oversold, while an RSI above 70 suggests it is overbought.

SHIB Current RSI indicates that it is closer to oversold territorysuggesting a possible buying opportunity if the RSI continues to fall. Monitoring SHIB’s RSI can Help traders anticipate a possible price rally as market sentiment changes.

Those of 5 and 10 days Simple Moving Averages (SMA) Showing ‘Buy’ Signalswhich could indicate a short-term bullish momentum. However, the 20-day and 50-day SMAs indicate “sell” signssuggesting a more cautious approach for those thinking long term.

Could Shiba Inu reach a new milestone?

Predictions about The price of SHIB vary widely. Some analysts expect its price to rise, and one estimate suggests that could increase by almost 70% to $0.0000455 by the end of 2024.

Others offer a more cautious outlook. A prediction sees SHIB trading between $0.0000298 and $0.0000396 at the end of 2024depending on how the market behaves.

Another forecast suggests that it could close the year at $0.00002911which represents an increase of 180% compared to the previous year.

Looking a little further ahead, it is predicted that by 2025, the value of SHIB can range from as low as $0.0000126 to as high as $0.0000526with an average price of around $0.0000326.

Meanwhile, a user @JavonTM1has added some excitement:

SHIB has recently confirmed another bullish pattern, and all of its recent moves have led to continuations.<...>With this target at $0.000081 remaining in play, we could soon witness a rally of over 180% on the front. of our eyes…

Despite these optimistic scenarios, not everyone is convinced. Some experts remain skeptical about SHIB reaching new heightsand one veteran even compared the idea of ​​SHIB earning $1 to believing in fairy tales.

What’s next for Shiba Inu?

The future of the Shiba Inu has everyone talking, especially now that Bitcoin has surpassed the $100,000 mark. That being said, the price of Shiba Inu is likely shaped by its own ecosystem, community efforts, political changes.

Still, Shiba Inu’s journey is far from predictable. Its token supply and the ups and downs of the cryptocurrency market mean its future could go in either direction. Some experts think has chances of going higher, while others are not so optimistic.

Whether Shiba Inu soars to new heights or finds a stable range, it is a story worth following closely.

Meanwhile, Dogecoin also saw a price surge following Bitcoin’s big milestone, reaching a weekly high of $0.47 on December 8. What are the drivers of this increase? Read the full story.