The second largest meme coin, Shiba Inu (SHIB), did not have the best start to the new year. While several assets went on to reclaim their peaks or attain new ones, SHIB was seen standing on the sidelines. Alongside the decline in its price, the asset’s market cap and ranking also took a hit. SHIB currently stands as the 17th largest cryptocurrency while making way for newer assets to take over. Can this popular meme coin recuperate and rise over the next few days?
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A Dive Into The Shiba Inu Market
Shiba Inu has been moving sideways over the past day. The meme coin recorded a drop of nearly 2% throughout the last 24 hours. At the time of writing, SHIB was priced at $0.00001594. Currently, the asset is 81% below its all-time high of $0.00008845. This peak was achieved back in 2021. The asset has been struggling to move close to this mark since the past three years.
Despite its current downfall, a majority of SHIB investors remain bullish. Data from CoinMarketCap’s Community Sentiment revealed that 88% of respondents were optimistic about SHIB’ss potential uptick. Meanwhile, 12% were skeptical about the meme coin recording a rise anytime soon. This data was revealed after a total 116.9K votes.
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Price Prediction
It looks like Shiba Inu’s investors are in for a treat. According to data from CoinCodex, the meme coin will witness an uptick of a staggering 64% during the final week of February. On February 25, SHIB is predicted to surge by 48% from its current price and reach a high of $0.00002395. It is clear that the meme coin is all set to record a much-needed surge over the next few days.
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