The Shiba Inu ecosystem (SHIB) has been on a roller coaster ride throughout this month. Fortunately, the market has seen more ups and downs. The asset has surged more than 40% in the last 30 days. After a slightly slow week, the meme coin saw recovery again. But can the second largest meme coin continue this momentum and record a new high in December 2024?
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Last ascent
Shiba Inu has been trending upward over the past day. The asset jumped almost 4% in the last 24 hours. At press time, SHIB was trading at $0.0000254. Earlier this month, the meme coin reached a high of $0.00003031.
Currently, the asset remains 71% below its all-time high of $0.00008845. This high was reached approximately three years ago, in 2021. Despite this disparity, the community is optimistic about SHIB’s rise to a much higher price range.
For example, an analyst named Charting Guy predicted a significant price explosion up to $0.00022. This further represents an increase of 800% compared to current values. He even asked his supporters: “Is your luggage packed enough for something like this.”
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Will it be a Merry Christmas for Shiba Inu Investors?
According to CoinCodex data, the meme coin will record a slight setback. Shiba Inu is expected to trade in a range between $0.00002493 and $0.00002567 by the end of the year. SHIB price is down -1.13% from current prices. If SHIB performs as expected, short sellers could benefit by 2.42%. But November should bring bigger gains for SHIB investors. The asset, according to the company, will reach a high of $0.00005377 before the start of December.
It should be noted that several other factors such as market sentiment, increasing regulatory changes and other macroeconomic events could change the price of the asset. SHIB could see a possible major rise or fall based on these aspects in the coming month.
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