Shiba Inu (SHIB) has undoubtedly grabbed the spotlight recently as the second-largest meme coin asserts itself as a serious competitor. Long written off as a joke compared to Dogecoin, SHIB has pulled off a striking turnaround thus far in 2024.
SHIB started the year trading under $0.000010 before embarking on a 450%+ rally up to a peak of $0.000045 in mid-February. While still 65% below its all-time high from 2021, this move signals renewed momentum and optimism for one of crypto’s hottest viral sensations.
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Now perched around $0.000030 following a period of consolidation, SHIB appears poised for its next potential breakout. But does the asset have enough fundamental backing to propel it above the psychologically important $0.00005 level by this weekend?
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Can Shiba Inu hit $0.00005 this weekend?
If history repeats itself, a likely catalyst could arise from Bitcoin first. SHIB’s greatest price surges directly followed BTC reaching new highs during its run towards $69,000. As the bellwether of overall market sentiment, Bitcoin breaching prior resistance often produces a rising tide that lifts more speculative altcoins.
Still, without game-changing announcements on the fundamental side, relying solely on Bitcoin’s rise may prove challenging to sustain additional multi-bagger moves. Developers continue targeting adoption and the SHIB Burn Portal to enhance tokenomics.
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As a result, while a brief euphoric surge could push SHIB to $0.00005 thanks to hype, staying above that level through the weekend without significant product development seems unlikely at this point. Traders also shouldn’t rule out potential whipsaw price action around such psychological thresholds if Bitcoin’s rally stumbles. However, Shiba Inu looks poised to breach its all-time high this year.