Shiba Inu has surged nearly 7% on Monday, going from a low of $0.0000058 to a high of $0.0000062 in the day’s trading session. In the last two weeks alone, SHIB has spiked close to 16%, marking a significant shift from its bearish stance. Traders experienced a sigh of relief as the dog-themed token had stopped delivering double-digit returns.
SHIB, which was once a powerhouse in the cryptocurrency market that regularly generated profits, fell deep into the abyss after 2024. Since then, the token has rarely moved up by more than 10%, making traders regret their choices. Now, the fresh uptick is bringing in some optimism that previously plagued Shiba Inu.
Also Read: 68 Million SHIB Burned: Why This Could Keep Hope Alive for Shiba Inu
Will Shiba Inu’s Rally Last and Should You Invest Now?
Shiba Inu is known for rallies and is also famous in the crypto circles lately for heading backward in price. Since 2024, every time SHIB experienced a spike, it erased all gains in less than two weeks. The surge in value lately comes after Bitcoin reclaimed the $73,000 mark. This uplifted the broader cryptocurrency market, giving the sector a breather.
Therefore, Shiba Inu did not rise in value on its own strength but took the help of the broader market. The asset has been piggybacking its way up for two years, offering nothing from its muscle. Since this is a market-driven rise, there is high chance that the gains could be erased by the month end.
Investments in Shiba Inu from new and first-time investors have dried up, making the older investors forcefully hold their bags underwater. The SHIB team needs to come up with better ways to burn tokens and send them to the dead wallet. If the tokens are not removed from circulation, SHIB traders might never see their dream of a $0.01 target coming true in their lifetime.
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