Is SHIB Ready for New Glory Days?
- Barbara StreisandOriginal
- 2024-09-21 15:13:14305browse
The second-biggest meme coin in terms of market capitalization has performed quite well lately, with its price surging to a three-week high on September 19.
Shiba Inu (SHIB) has been making headlines with its impressive performance. The meme coin's price surged to a three-week high on September 19 following the US Federal Reserve's decision to cut interest rates by 0.5%.
SHIB's recent rally has caught the attention of several crypto enthusiasts and analysts, who are speculating on the asset's potential to reach new heights. Some traders have even identified promising technical formations on SHIB's price chart, hinting at a continuation of the bull run.
One X user pointed out a triangular pattern on the SHIB price chart, which could indicate a massive bull run if the price breaks out to the upside. The user speculated that if this happens, the meme coin could erase two zeros from its price in the coming months. This would entail a rally of over 10,000%, bringing SHIB's market capitalization to approximately $800 billion.
Another trader, JAVON MARKS, highlighted that SHIB is still over 470% away from hitting its bullish target of $0.000081. However, they noted that the recent price action could be "the catalyst for significant upside movement" toward that major goal.
One key factor that could contribute to a further surge in SHIB's price is its increasing popularity on social media platforms. LunarCrush recently estimated that SHIB's social engagement soared to its highest level since August 15. The platform also noted that the meme coin's trading volume and positive sentiment have both increased.
Prior to this, SHIB's social engagement had been struggling at low levels. As Santiment pointed out earlier this month, "The level of social discussion toward SHIB has been extremely low since late July, and has basically been on the decline all year long. This reflects a sense of indifference and frustration from traders, which makes sense when considering how retail traders have largely been dropping out of the asset like flies."
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