Shiba Inu is currently trading around the $0.00002585 mark on Thursday and is attracting bullish sentiments. The dog-themed token climbed 8.1% in the day’s trading and is gearing up for another rally on the charts. After Trump won the presidency, the price of the broader cryptocurrency market increased significantly, helping Bitcoin reach an all-time high of $93,477.
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The rally sends the Shiba Inu up the charts, causing it to rise nearly 50% in value in one week. SHIB is only 240% away from breaching its all-time high of $0.00008616, which it reached in October 2021. Can the token surpass its ATH in this bull run and take another step up 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 absolute record in perspective?
A cryptocurrency analyst on Trading View shared a chart indicating that Shiba Inu could increase in the coming weeks. According to price predictions, SHIB could reach a high of $0.000045 by the end of 2024. This represents an uptick and a return on investment (ROI) of around 75% from its current price of 0. .0000$2585.
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Therefore, a $1,000 investment could turn into $1,750 if the price prediction turns out to be accurate. However, the forecast fails to surpass its ATH of $0.00008616 by 95%. For SHIB to reach a new ATH, the dog-themed token needs to rise another 170% from its current price.
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If Bitcoin soars in the charts, it could drag other major cryptocurrencies with it. SHIB is mostly moving 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 towards cryptocurrencies. Reuters reported that Trump was seeking to nominate pro-crypto candidates for top financial cabinet positions.