Bitcoin price started the second day of the year on an upward trend as Asian markets opened, doing as expected. It overcame tough resistance levels, leaving the $44,700 barrier behind. In the last 24 hours, it climbed as high as $45,879. So, what’s the latest with Shiba Inu (SHIB), the second-largest meme coin by market value?
How Much Will Shiba Coin Be Worth?
BTC‘s price increase is fueled by optimism that an ETF approval could come in the next few hours. A portion of altcoins have made double-digit gains, and the rise continues. Shiba Coin was among the altcoins that turned green today, experiencing an increase of nearly 5%.
With a market value of $6.4 billion, Shiba Coin’s price has more room to grow. If it even reaches half of Dogecoin’s 2021 market cap peak during this year’s expected bull rally, it would mean a significant rise.
DOGE reached a market cap of $90 billion in the previous bull season, which means Shiba Coin could see an increase of nearly 700%. This indicates that by 2024, Shiba Coin could challenge the $0.00008084 mark.
Shiba Inu Coin Price Prediction
Shiba Coin, having avoided the danger of falling to the middle of the channel, started to rise after bouncing back from $0.00001027. Investors are excited due to the anticipation of further increases in BTC price, and the second-largest meme coin, which has yet to perform the expected rally, is attracting attention. If it closes above $0.00001104, the channel resistance at $0.00001136 could be breached.
This resistance area was also challenging during the period around August 11, 2023, and since the price could not surpass the barrier, it saw a low near the June 14 bottom. In a positive scenario, with the continuation of the upward movement, we could see a return to $0.00001401 and $0.00001807, followed by $0.00002969. This level could now spark new all-time high (ATH) excitement, and bulls will want to remove one more zero above $0.00008828.
Depending on the cumulative growth of cryptocurrencies, we might see a new historical peak in the $0.0001 region. However, this would require a repeat influx of new investors similar to previous bull markets and growth in the Shiba Coin ecosystem.
