Shiba Inu Surge as Bitcoin Hits $100k: Will This Rally Continue?

Shiba Inu Surges After Bitcoin’s Bull Run: Analyst Predicts 180% Gain

Shiba Inu (SHIB), the popular dog-themed cryptocurrency, experienced a significant surge on Wednesday, buoyed by a broader bitcoin rally. The second-largest meme coin by market capitalization jumped approximately 10% over the last 24 hours, reflecting the growing interest and momentum in the meme coin sector. 

At the time of writing, $SHIB was priced at around $0.00002931, marking an 8.51% increase from the previous day.

$SHIB’s Surge: Bitcoin’s $100k Milestone 

The surge in SHIB’s value coincides with a broader recovery in the cryptocurrency market, largely driven by Bitcoin reclaiming the $100,000 mark. This milestone has had a ripple effect, lifting sentiment across various digital assets and propelling a market-wide rally. 

The spike in SHIB’s price also underscores the continued interest and enthusiasm among retail investors, particularly in meme coins.

SHIB now stands with a market cap of approximately $17.27 billion, with a 24-hour trading volume of $1.49 billion. The recent price movements reflect not only the strong community support behind Shiba Inu but also the broader adoption of meme coins as part of the mainstream crypto landscape.

SHIB's Bullish Momentum: Analysts Predict 180% Surge Ahead

Analysts have identified a bullish continuation pattern in SHIB’s recent price movements, indicating the potential for further gains.

One prominent crypto analyst Javon Marks highlighted that SHIB’s confirmed bullish patterns could pave the way for an upside move targeting $0.000081, representing a potential 180% gain from current levels. With breakouts holding strong, this could lead to a major upside move, the analyst noted, emphasizing that the token’s trajectory might exceed expectations.

Conclusion

While SHIB continues to show strength with favorable technical indicators, investors should stay vigilant, considering both the bullish signals and the rise in bearish bets among derivatives traders. As always, thorough research and caution are advised before investing in highly volatile assets like SHIB.