Shiba Inu saw a remarkable 280% increase in March this year following the Bitcoin halving event. While SHIB’s price cooled down afterward, it experienced a significant rally again in November 2024. After Donald Trump’s re-election as the President of the United States, Bitcoin skyrocketed to a new all-time high of $93,477. This surge in Bitcoin also ignited a strong rally in the cryptocurrency market, propelling leading altcoins to new yearly highs.
SHIB jumped nearly 50% after Trump’s victory and is currently trading at $0.000024. However, leading on-chain data and analytics firm CoinCodex predicts that Shiba Inu’s price could double this month. The firm highlights that SHIB is consolidating and is primed for another breakout.
According to the latest price forecasts, Shiba Inu could rise an additional 101% by the end of this month. The prediction suggests that this dog-themed token could target $0.000048 in its trajectory. CoinCodex states that the timeline for this 101% increase and the doubling of its price is anticipated by the end of November 2024.
Shiba Inu is expected to trade within the channel of $0.00001965 and $0.00004862. This could lead to a potential investment return of 101.30% based on the current price,” according to the price forecast.
When meme coins rally, they tend to post dramatic gains, often surpassing previous records. The potential 101% surge within less than two weeks is a noteworthy return, showcasing the unique profitability of cryptocurrencies compared to traditional financial assets. Few other financial instruments, if any, can double investors’ money in such a short timeframe.
Beyond this price rally, the dream of Shiba Inu reaching $0.01 is still alive and remains the ultimate target for its investors. Should SHIB hit this $0.01 milestone, long-term holders could amass significant wealth, transforming small investments into substantial fortunes.
