Shiba Inu has surged nearly 10% on Friday and is attracting heavy bullish sentiments in the charts. The double-digit profits came in a single day swelling investors’ portfolios with the blink of an eye. However, only those who took an entry position in SHIB early this month are enjoying the profits of the rally.
The rally comes after four months of stagnation where its price headed nowhere in the indices and was moving sideways. The development tested the patience of investors as Shiba Inu delivered nothing but losses. It is now regaining its lost ground and remains on the greener side of the spectrum.
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Why Is Shiba Inu Rallying Today?
Shiba Inu is surging in the charts as Bitcoin printed a new all-time high of $118,254 on Friday. It spiked more than 8% in the 24-hour day trade and pulled other cryptocurrencies up along with it. Even Ethereum climbed above the $3,000 mark and is attracting heavy bullish sentiment. ETH also spiked nearly 9% in the day’s trade and is among the most sought-after cryptocurrencies in the market.
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Bulls are now aiming for SHIB to reach the $0.00002 range as now is the best time for a continuous rally. That would be an uptick and return on investment (ROI) of approximately 55% from its current price. Therefore, an investment of $1,000 could turn into $1,550 if the bulls push Shiba Inu towards the $0.00002 level.
The broader stock and cryptocurrency markets are brimming with positivity this month. A dip occurred when Trump imposed 25% tariffs on Japan and South Korea but regained its lost ground from Wednesday. The move is also being reflected in the cryptocurrency market where Bitcoin, Ethereum, and Shiba Inu are surging in value. If the momentum continues, chances of another dramatic spike are on the cards.