Bitcoin
With Bitcoin climbing to this new height, it is worth asking whether this could affect the price of Shiba Inu
Shiba Inu started as a playful rival to Dogecoin
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With projects like ShibaSwap and Shibarium, Shiba Inu becomes more than just a token with a cute mascot. The buzz and support from its fans have made it a real competitor in the altcoin space.
Bitcoin Hit $100K, What Does It Mean for Shiba Inu?
Historically, Shiba Inu has often moved in sync with Bitcoin, showing strong price correlations at times. When Bitcoin rallies, it tends to spark excitement across the crypto market, pulling altcoins like Shiba Inu.
For instance, during previous Bitcoin bull runs, Shiba Inu’s price experienced similar upward momentum, benefiting from the increased investor attention.
However, this connection is not always consistent. There have been periods when Shiba Inu’s price seemed to follow its own path, driven by factors like market sentiment, the ecosystem, and political events.
Regarding the market sentiment, Elon Musk, the CEO of Tesla and SpaceX, recently posted an image of a giant Shiba Inu dog portrayed as a dust storm sweeping through a city.
Musk's post grabbed the attention of the project’s lead developer, who acknowledged it as the SHIB token.
Additionally, many responded to the developer's post, agreeing that it was related to SHIB, especially given the connection to its well-known mascot.
This buzz was not just in words—it showed in the numbers, too. SHIB’s price jumped over the weekend, climbing from $0.00003037 to $0.00003329, marking a nine-month high.
Additionally, Shibarium, a Layer-2 solution, can influence SHIB's price. On December 11, the Shibarium's network activity hit a big milestone, crossing 600 million total transactions. Monitoring tools also reveal that Shibarium now has over 2 million unique addresses.
This shows how fast the platform grows and how much its infrastructure is expanding. It indicates that more people are paying attention to and using the network.
Moreover, political events play a role in influencing the crypto market, and Shiba Inu is no exception. Take the 2024 US presidential election as an example. At that time, Dogecoin and Shiba Inu experienced price bumps, with DOGE rising by 5% and SHIB by 3%.
When pro-crypto leaders are elected, it can have an even bigger effect. After Donald Trump won the 2024 presidential race, Shiba Inu’s price shot up by 67% over the next week. Investors were optimistic, expecting the new administration to introduce crypto-friendly policies.
Shiba Inu's Market Conditions
As of December 12, 2024, SHIB is trading at $0.0000288. Over the past 24 hours, the price has increased by about 8%, with a trading volume of around $753 million.
Regarding technical indicators, the Relative Strength Index (RSI) is 39.51 as of writing. An RSI below 30 suggests the asset is oversold, while an RSI above 70 suggests it is overbought.
SHIB's current RSI indicates that it is closer to oversold territory, suggesting a potential buying opportunity if the RSI continues to decline. Monitoring SHIB's RSI can help traders anticipate a possible price rebound as market sentiment shifts.
The 5-day and 10-day simple moving averages (SMAs) show “buy” signals, which could indicate short-term bullish momentum. However, the 20-day and 50-day SMAs indicate “sell” signs, suggesting a more cautious approach for those thinking long-term.
Could Shiba Inu Hit a New Milestone?
Predictions about SHIB's price vary widely. Some analysts expect its price to climb, with one estimate suggesting it might rise by nearly 70% to $0.0000455 by the end of 2024.
Others offer a more cautious outlook. One prediction sees SHIB trading between $0.0000298 and $0.0000396 by late 2024, depending on how the market behaves.
Another forecast suggests it could close the year at $0.00002911, representing a 180% increase from the previous year.
Looking a bit further ahead, there’s a prediction that by 2025, SHIB's value might range from as low as $0.0000126 to as high as $0.0000526, with an average price hovering near $0.0000326.
Meanwhile, one X user, @JavonTM1, has added some excitement:
SHIB has recently confirmed yet another bullish pattern, and all of its recent moves have led to continuations.<...>With this target at $0.000081 continuing to be in play, we could be soon witnessing a more than 180% climb unfold in front of our eyes...
Despite these optimistic scenarios, not everyone is convinced. Some experts remain skeptical about SHIB reaching new heights, with one veteran even comparing the idea of SHIB hitting $1 to believing in fairy tales.
What's Next for Shiba Inu?
Shiba Inu’s future has everyone talking, especially now that Bitcoin has smashed through the $100,000 mark. That said, Shiba Inu’s price is likely shaped by its own ecosystem, community efforts, political shifts.
Still, Shiba Inu’s journey is far from predictable. Its token supply and the ups and downs of the crypto market mean its future could go in any direction. Some experts think it has a shot at climbing higher, while others are not so optimistic.
Whether Shiba Inu soars to new heights or finds a steady range, it is a story worth keeping an eye on.
Meanwhile, Dogecoin also saw a price surge following Bitcoin's big milestone, reaching a weekly high of $0.47 on December 8. What are the drivers of this surge? Read the full story.
