Shiba Inu surged nearly 24% on Tuesday and is attracting heavy bullish sentiments in the indices. The spike in price comes after a recent downturn where it shed close to 30% of its value. SHIB went from a high of $0.000022 in January to a low of $0.000016 in early February. However, the dog-themed token is now looking to reclaim its lost territory and make up for the losses it delivered. If the token maintains the positive momentum this week, its price could exceed the $0.00002 mark in February.
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Shiba Inu: Will SHIB Ignite a Rally?
Shiba Inu is known for drastic price changes when it kickstarts a bull run. In March last year, SHIB surged nearly 280% in a month on the heels of the Bitcoin halving. The dog-themed token spiked more than 200% in November last year when Trump reclaimed the White House. When SHIB goes high, it goes blitzkrieg delivering stellar profits to investors in a short period.
Bitcoin is holding on to its resistance level of $100,000 this month giving hopes to investors that a price appreciation is on the cards. Top altcoins and meme coins move in tandem with Bitcoin and deliver high returns to investors. If BTC rallies this month, Shiba Inu has a higher chance of igniting a rally.
Also Read: Can Dogecoin (DOGE) Still Claim $1 in February?
Price Target This Week
Leading on-chain metrics and price prediction firm CoinCodex has painted a bullish picture for Shiba Inu. According to the price prediction, SHIB could double in price from here and surge by another 104% this week. The forecast estimates that the dog-themed token could reach a high of $0.00003344 during this weekend.
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Therefore, taking an entry position now could be beneficial as it could double investor’s money in a short period. This puts SHIB on the must-buy list as predictions estimate a rally is just around the corner. Read here to know a realistic price prediction on when it could breach the $0.01 mark.
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