The ongoing bull run has taken the cryptocurrency market by storm. Several assets saw double-digit gains over the past day. Meme coins, however, topped the charts. Dogecoin (DOGE) and Shiba Inu (SHIB) were the biggest gainers of the day. As DOGE rose 46% in the last 24 hours, SHIB followed suit and saw a 16% rise.
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Current Shiba Inu Price Level
The top meme coin, Shiba Inu, was trading at $0.00002905 after recording a 16.27% spike. This upward trend follows a 66% increase over one week.
In addition to this, the asset managed to enter the top ten as its market capitalization reached a high of $17.12 billion. Meme coin counterparts like Tron (TRX) and Toncoin (TON) left the list to make way for SHIB.
On top of that, the SHIB market whales were causing a stir. SHIB transactions by whales increased by 565% in the last day, according to data from In the block. Notably, whale transactions reached 1,440 in a single day. Additionally, $547 million represents the total volume of top SHIB transactions. Large transactions like this are considered bullish for the meme coin.
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The penny dream
The chances of Shiba Inu reaching $0.01 are not very bleak. The past performance of the meme coin is proof of this. The asset managed to increase by 2163176.68% from its all-time low. Currently, SHIB is 67% below its all-time high. But if the asset continues its current momentum and sees a major spike, it could peak sooner rather than later.
According to CoinCodex, the highest level SHIB will trade at before the end of 2024 is $0.00005261. The meme coin is expected to reach this high in November. It is clear that Shiba Inu will continue to increase over the next few weeks. But reaching $0.01 will remain a dream for now.
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