Shiba Inu is currently trading around the $0.00002585 mark on Thursday and is attracting bullish sentiments. The dog-themed token has spiked 8.1% in the day’s trade and is gearing up for another rally in the charts. After Trump won the presidency, the broader cryptocurrency market dramatically surged in price, making Bitcoin hit an all-time high of $93,477.
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The rally is pulling Shiba Inu up in the charts, making it spike nearly 50% in value in a week. SHIB is only 240% away from breaching its all-time high of $0.00008616, which it reached in October 2021. Can the token breach its ATH in this bull run and reach a new milestone in the indices? In this article, we will highlight how high SHIB could trade by the end of the year.
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Shiba Inu: A New All-Time High on the Cards?
A cryptocurrency analyst on TradingView shared a chart indicating that Shiba Inu could rise in the coming weeks. According to the price prediction, SHIB could reach a high of $0.000045 by the end of 2024. That’s an uptick and return on investment (ROI) of approximately 75% from its current price of $0.00002585.
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Therefore, an investment of $1,000 could turn into $1,750 if the price prediction turns out to be accurate. However, the forecast falls short of breaching its ATH of $0.00008616 by 95%. For SHIB to hit a new ATH, the dog-themed token needs to spike another 170% from its current price.
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If Bitcoin soars higher in the charts, it could pull other leading cryptocurrencies up along with it. SHIB mostly moves in tandem with BTC, and an uptick will only help the dog-themed token. The next four years look promising for the cryptocurrency market as Trump has taken a friendlier approach to cryptocurrencies. Reuters reported that Trump is looking to appoint pro-crypto candidates for top financial cabinet positions.
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