Crypto Bull Run to Make SHIB Reach $0.01 Next?

On Nov 12, 2024

The ongoing bull run has taken the cryptocurrency market by storm. Several assets have been recording double-digit gains over the past day. Meme coins, however, were topping the charts. Dogecoin (DOGE) and Shiba Inu (SHIB) were the day’s biggest gainers. While DOGE rose by a staggering 46% over the past 24 hours, SHIB followed suit and saw a 16% uptick.

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Shiba Inu’s Current Price Level

The prominent meme coin, Shiba Inu, was trading at $0.00002905 after recording a 16.27% spike. This uptrend follows a week-long surge of 66%.

In addition to this, the asset managed to enter the top ten as its market cap grew to a high of $17.12 billion. The meme coin’s counterparts like Tron (TRX) and Toncoin (TON) exited the list making way for SHIB.

In addition to this, the whales in the SHIB market were making quite a splash. SHIB transactions by whales, increased by 565% in the last day, according to data from IntoTheBlock. In particular, whale transactions rose to 1,440 in a single day. Furthermore, $547 million is the total volume of the major SHIB transactions. Large transactions like this are considered bullish for the meme coin.

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The 1 Cent Dream

The chances of Shiba Inu hitting $0.01 aren’t very bleak. The meme coin’s past performance is proof of the same. The asset has managed to rise by 2163176.68% since its all-time low. Currently, SHIB sits 67% below its all-time high. But if the asset continues its current monentum and witnesses a major spike, it could reach its peak sooner than later.

According to CoinCodex, the highest level that SHIB will trade at before the end of 2024 is $ 0.00005261. The meme coin is expected to rise to this high in November. It is clear that Shiba Inu will continue to surge over the next couple of weeks. But hitting $0.01 will remain a dream for now.