The second-largest meme coin was relatively sluggish in the past few weeks but managed to break out today and tap a new multi-month peak of over $0.000033.
As such, it briefly re-entered the top 10 altcoins by market cap, but the subsequent retracement pushed it back to 11th spot after Avalanche.
Shiba Inu, alongside the rest of the crypto market, benefited substantially of Donald Trump’s landslide win in the November US presidential elections. It stood below $0.000017 at the time but quickly soared past $0.00003.
However, it slipped in the following weeks to $0.000025, where it stood from November 12 to earlier today. In a somewhat surprising move during the weekend, the second-biggest meme coin shot up by more than 22% and soared past $0.000033 for the first time since March this year.
Although it has retraced slightly, it still trades above $0.00003 and its gains on a 24-hour scale sit at 15%. This price rally came amid a massive rise in the SHIB burn rate on a weekly scale, according to Shibburn.
The Shiba Inu community was quick to pick up and celebrate the move, with many predicting even more impressive gains in the future. Some slightly exaggerated forecasts envision a further 10,000% surge for the token, which would make it by far the biggest in the crypto market.
SHIB_KNIGHT was more modest but still predicted a new all-time high for SHIB after today’s surge. It’s worth noting, though, that the meme coin is still 64% away from its peak reached over three years ago. Its price would almost need to triple from its current levels to exceed the $0.000086 reached on October 28, 2021 (CoinGecko data).
