Shiba Inu Outperforms Bitcoin, Rallies 40%: Can It Hit $0.00005?

Shiba Inu (SHIB) had quite a bullish weekend, outperforming major cryptocurrencies such as Bitcoin (BTC). The dog-themed crypto rallied 26.4% in the weekly charts, 40.9% in the 14-day charts, and 33% over the previous month. Despite the rally, the asset faced a 7.8% correction in the last 24 hours.

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SHIB’s Recent Performance And Future Predictions

SHIB’s Correction And Memecoin Surge

SHIB’s correction in the daily charts could be due to Bitcoin (BTC) slipping below the $65,000 mark. Memecoins began to surge after BTC’s climb to the $65,000 level. Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), etc., all witnessed significant rallies over the last few days but have since faced a dip again.

Will Shiba Inu Reclaim $0.00005?

According to CoinCodex data, SHIB’s price will surge to $0.00004160 on Oct. 4, 2024. Reaching $0.00004160 from current prices will lead to a rally of about 123.9%. CoinCodex analysts do not anticipate SHIB’s price to hold at $0.00004, predicting a correction to around current price levels by mid-October.

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Changelly’s Prediction For SHIB

Changelly analysts also paint a similar picture for Shiba Inu (SHIB). The platform anticipates the asset to hit $0.00003905 on Oct. 4, 2024. Like CoinCodex, Changelly analysts do not expect SHIB’s price to hold at $0.000039, predicting a correction to around current levels by mid-October.

There is also a possibility that SHIB will continue to rally and not face a correction, as predicted by the two platforms. Historically, October has been a bullish month for the crypto market. If the market maintains this trend, SHIB may hit the $0.00005 mark later in October.

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For SHIB to continue rallying, Bitcoin (BTC) has to regain its momentum from earlier this year. A BTC rally will most likely lead to other assets climbing.