The price of Shiba Inu (SHIB) experienced a significant increase, in line with a broader positive push in the crypto market. According to TradingView, SHIB’s price rose by around 4.5% and traded slightly above $0.000018.
This Ethereum-based meme coin continues to show an upward trend along the trend line, indicating that buyers still dominate the market. There is a possibility that SHIB’s price will retest the 200DMA level, which was last below $0.000020.
At the end of last October, SHIB’s price failed to break through the 200DMA level, making it a key resistance level to watch.
Some traders noted a potential exciting collaboration between SHIB and the legendary film franchise “Back to the Future.”
SHIB’s lead developer, who goes by the pseudonym Shytoshi Kusama, retweeted a recent advertisement from DeLorean Motor Company, the manufacturer of the famous time-traveling car from Back to the Future, hinting at a possible future collaboration.
WOOF! It doesn't get more exciting than this! @Deloreanmotorco, @DeLoreanlabs and @DocBrownLloyd in a commercial featuring … a #ShibaInu! Hmmm… makes you wonder what the future holds. #SHIBARMY Collect your FREE time capsule now for a chance up at some furtastic prizes! 👇 https://t.co/aQqHo9f393
— Shytoshi Kusama™ (@ShytoshiKusama) October 11, 2024
Will this push Shiba Inu’s price back to its all-time highs? Probably not. However, it highlights a trend—large meme coins like Shiba Inu continue to expand their reach and increasingly have a significant influence in popular culture.
The growing Shiba Inu brand should help maintain its position as one of the leading meme coins.
According to CoinMarketCap, SHIB’s market capitalization was last recorded at around $10.7 billion. However, with the accelerated global adoption of crypto and the growth of the meme coin market, SHIB’s growth potential remains wide open.
Where is Shiba Inu’s price headed next?
The meme coin season might be set for a comeback. October is typically the best month for Bitcoin, often referred to as “Uptober.”
If Bitcoin reaches new all-time highs this month, driven by hopes of a Trump victory in the election and interest rate cuts by the Fed, this could trigger higher risk-taking in more speculative crypto assets like meme coins.
Shiba Inu is usually one of the first coins to see gains, thanks to its position as a market leader.
If the price is able to break through the $0.000020-22 area, this could open up the potential for a quick surge toward the next key resistance zone around $0.000030.
This means a near 2x quick gain could be possible for Shiba Inu’s price.
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