The Shiba Inu (SHIB) ecosystem has been on a rollercoaster throughout this month. Thankfully, the market witnessed more upticks and downtrends. The asset surged by over 40% over the past 30 days. After a slightly slow week, the meme coin was seen recovering yet again. But can the second-largest meme coin continue this momentum and record a new high in December 2024?
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Latest Ascent
Shiba Inu has been on an uptrend over the past day. The asset surged by nearly 4% over the last 24 hours. At press time, SHIB was trading at $0.0000254. Earlier this month, the meme coin rose to a high of $0.00003031.
Currently, the asset remains 71% below its all-time high of $0.00008845. This peak was achieved about three years ago in 2021. Despite this disparity, the community is optimistic about SHIB’s ascent to a much higher price range.
For instance, an analyst who goes by Charting Guy predicts a significant price explosion to as high as $0.00022. This further marks an 800% increase over current values. He even went on to ask his followers, “Are your bags packed enough for something like this.”
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Will It Be A Merry Christmas for Shiba Inu Investors?
According to data from CoinCodex, the meme coin will record a slight setback. Shiba Inu is expected to trade in a range of $0.00002493 to $0.00002567 by the end of the year. The price of SHIB declined by -1.13% compared to current prices. If SHIB performs as predicted, short sellers might profit by 2.42%. But November is expected to bring in bigger gains for SHIB investors. The asset, according to the firm, will rise to a high of $0.00005377 before the start of December.
It should be noted that several other factors like market sentiment, increased changes in regulations and other macroeconomic events could change the course of the asset. SHIB could witness a possible surge or a major downfall based on these aspects in the coming month.
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