Massive 56% Gain Puts Shiba Inu on Track for a New High

The cryptocurrency market had an eventful weekend. Almost every asset in the industry recorded a notable spike. As Bitcoin (BTC) continues to gain and hit new peaks, altcoins are following suit. Amidst this, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) were seen rising much higher than its counterparts.

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Shiba Inu’s Meteoric Ascent

The second-largest meme coin managed to beat its counterparts, Tron (TRX) and Toncoin (TON), and entered the coveted top ten. SHIB currently stands as the 10th largest cryptocurrency, with a market cap of $15.64 billion.

Alongside this, Shiba Inu witnessed a staggering 56.44% rise over the last couple of days. The asset went from trading at a low of $0.00001681 to a high of $0.00002765. At press time, SHIB recorded a slight setback and was trading at $0.00002652. This comes after an 18% rise over the past 24 hours.

While the overall market sentiment contributed to this ascent, another factor might have also played a role. Prominent trading firm Robinhood revealed that Shiba Inu transfers were now available on its European platform. Robinhood has added transfers for several cryptocurrencies, including Bitcoin, Ethereum, Solana, PEPE, and Stellar. SHIB is the latest addition to this list. Through this, users can deposit and withdraw SHIB tokens. This further increases the platform’s usefulness for cryptocurrency dealers.

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Ticket To All-Time High?

Shiba Inu hit an all-time high of $0.00008845 about three years ago in 2021. Currently, the meme coin sits 70% below this peak. While it may seem too far off, the asset’s latest price growth has instilled hope in the market. According to CoinCodex’s revised prediction, SHIB has room for growth over the month. The asset will reportedly surge to a high of $ 0.00005185.

It looks like SHIB will take some more time to reclaim its all-time high. But the ongoing bullish notion in the market is a game changer for several investors.

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