Shiba Inu (SHIB), the second largest meme coin, has recently gained significant attention in the cryptocurrency market. SHIB is often considered a heavyweight competitor to Dogecoin. However, to date, the token has demonstrated notable performance in 2024.
At the beginning of the year, SHIB was trading below $0.000010 before undergoing a price increase of over 450%, reaching a peak of $0.000045 in mid-February. While still down 67% from its all-time high in 2021, this recent price action indicates renewed interest and positive sentiment surrounding the cryptocurrency space.
Currently trading around $0.00002871 after a period of consolidation, SHIB appears to be poised for its next potential price movement. The question remains whether the token has enough fundamental support to push its value above the psychologically significant $0.00005 mark this week.
Can Shiba Inu reach $0.00005 this week?
According to CoinGecko data, Shiba Inu has increased by 10.4% in the past 24 hours and is aiming for the $0.00003 level.
If history repeats itself, catalysts might first emerge from Bitcoin. The largest price increase of SHIB occurred shortly after BTC reached a new high of $73,000. Acting as an overall market sentiment catalyst, Bitcoin breaking past previous resistance levels often triggers a surge that drives many altcoins to speculate.
However, without any game-changing fundamental announcements, relying solely on Bitcoin’s appreciation could be challenging to sustain additional versatile moves. Developers are continuing to target implementation and the SHIB Burn Portal to enhance the token system.
Therefore, while the short-term increase driven by market enthusiasm has the potential to push SHIB to the $0.00005 milestone, maintaining this price level throughout the week could be a challenge without significant developments or product announcements.
Traders should also consider the possibility of volatile price fluctuations around these psychological barriers, especially if the current Bitcoin rally encounters obstacles. However, the overall trajectory of Shiba Inu suggests that it has the potential to surpass its previous all-time high this year.
