Shiba Inu (SHIB) seems to be recovering from its slump. The dog-themed cryptocurrency is up by 1% in the daily charts, 4.6% in the weekly charts, 10% in the 14-day charts, 38% over the previous month, and nearly 160% since October 2023.
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Why Is Shiba Inu Rallying?
SHIB’s resurgence could be due to Bitcoin (BTC) reclaiming the $67,000 level and the global market cap rising to $2.42 trillion.
October has historically been a bullish month for the crypto industry, and the current market trajectory follows this historical trend.
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The market rally, including SHIB’s, could also be due to the US elections inching closer. Many anticipate Donald Trump to return to the White House after a four-year absence. A Trump victory could lead to a market-wide rally for the cryptocurrency industry. Investors may be taking positions before the elections take off.
Will The Dog-Themed Memecoin Rally By 100%?
According to CoinCodex, Shiba Inu (SHIB) could surge to $0.00003799 later this week, on Oct. 20, 2024. Hitting $0.00003799 from current price levels will translate to a rally of about 107%. CoinCodex does not expect SHIB to hold prices above $0.00003, predicting a correction back to around current levels by the end of the month.
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Changelly analysts are slightly more bullish on SHIB than CoinCodex. The platform predicts SHIB will trade at $0.00003858 on Oct. 20, 2024. Like CoinCodex, Changelly does not anticipate SHIB’s price to hold, predicting a correction back to current levels by early November.
There is a possibility that Shiba Inu (SHIB) will continue its rally, given Bitcoin (BTC) continues its upward trajectory and a Trump victory in the upcoming Presidential elections.