Shiba Inu (SHIB) price, a popular meme cryptocurrency, has seen a significant uptick in price amid a broader market recovery following the recent U.S. elections. The post-election market uplift has invigorated the crypto sector, positioning SHIB to capitalize on the strengthened outlook following former President Trump’s win, sparking renewed activity across the digital asset landscape.
Over the last 24 hours, SHIB recorded substantial gains, driven by increased investor interest and positive market sentiment. This rally highlights growing network engagement, with rising daily transactions and ecosystem expansion boosting SHIB’s potential for further gains, eyeing the $2 mark.
Could Shiba Inu Price Reach $2 After a Donald Trump Win?
Shiba Inu price and other cryptocurrencies have surged following Donald Trump’s surprising win in the 2024 U.S. presidential election. Trump claimed 51.2% of the total vote, emerging victorious over Democrat Kamala Harris with an impressive lead of nearly 50 million votes.
BREAKING: Donald Trump has won the 2024 election and will be the 47th president of the United States. pic.twitter.com/6KfH01s7K1
— The Kobeissi Letter (@KobeissiLetter) November 6, 2024
Following Trump’s election news, Bitcoin reached a historic peak, trading at $75,000. The market reacted positively to the new administration’s anticipated policies, sparking significant gains across digital currencies. Shiba Inu, alongside other crypto markets like ETH and PEPE coin, experienced notable price increases, demonstrating the sector’s responsiveness to political developments.
SHIB Price Surge Sparks Optimism
At the time of reporting, the SHIB price stands at $0.00001888, showing an impressive 8% increase. Over the past year, Shiba Inu has surged by 130%, sparking anticipation of a significant rally.
This growth could mirror its all-time high from October 2021, when it hit $0.00008845. Analysts suggest that continued Bitcoin gains may help Shiba Inu’s price approach those historic levels again. A bullish market sentiment might even push Shiba Inu price prediction towards the ambitious target of $2.
The meme coin sector shows strong potential for growth, with renewed interest in tokens like PEPE, POPCAT, WIF, BONK, FLOKI, and MEW, potentially fueling Shiba Inu’s upward trend. This excitement within the meme coin community could positively influence SHIB’s trajectory.
Moreover, Shiba Inu’s ecosystem is vibrant, supported by the launch of a dedicated game to boost utility and community engagement. The token’s burn rate has also spiked by 3674.17%, with 53.3 million SHIB burned in the last 24 hours. This reduction in supply is expected to support the token’s long-term growth trajectory.
Source- Shibburn
The MACD (Moving Average Convergence Divergence) indicator suggests a bullish trend. The MACD line has crossed above the signal line, with green histogram bars growing stronger. This movement reflects growing positive momentum, which could signify further gains if buying pressure persists.
Shiba Inu Price Chart: TradingView
Shiba Inu shows strong upward momentum amid favorable market conditions. Increased investor interest supports SHIB’s potential for further gains. With ongoing ecosystem developments and reduced supply, SHIB could continue its bullish trend. However, reaching $2 remains ambitious.
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