The Shiba Inu (SHIB), currently the second-largest meme cryptocurrency by market cap, has experienced a notable surge in its price over the past week.
The Shiba Inu (SHIB) meme cryptocurrency has seen a significant price increase in the past week, with a 25% rise to reach $0.00001823 as of now. However, SHIB is still trading below its September peak of $0.00002152, which was reached on September 27 and marks its highest price since June.
The upward momentum in SHIB's price began around September 25, as it crossed the $0.000015 threshold. This price increase appears to be largely driven by anticipation and FOMO (fear of missing out) surrounding the upcoming launch of SHI, a new stablecoin within the Shiba Inu ecosystem.
On September 25, a post from Shiba Inu's official Platform X account hinted at upcoming developments, generating excitement among followers. Additionally, a member of the Shiba Inu team known as "Lucie" shared insights on the SHI release, highlighting its significance for the Shibarium network and piquing interest in the crypto community.
The precise factors influencing SHIB's price rally are unclear, but there is optimism regarding its potential. Some speculate that FOMO could propel SHIB's price even higher, with some predicting a 90% increase to reach $0.000035. Earlier in September, Changelly predicted a potential rise in SHIB's price to around $0.00002785, aligning closely with recent highs. Their forecast also anticipates an average price of approximately $0.000035 for SHIB by the end of 2024.
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