Bitcoin‘s price surged on the second day of the year, breaking through tough resistance levels and surpassing the $44,700 barrier. In the last 24 hours, it reached as high as $45,879. This rise is fueled by optimism for an upcoming ETF approval. Meanwhile, Shiba Inu, the second-largest meme coin by market value, also saw a price increase of nearly 5%.
With a market value of $6.4 billion, Shiba Coin has significant growth potential. If it captures even half of Dogecoin‘s 2021 market cap peak during this year’s anticipated bull rally, it would mark a substantial increase. Dogecoin previously reached a market value of $90 billion, suggesting Shiba Coin could see an increase of around 700%, potentially pushing its price to challenge $0.00008084+ by 2024.
Shiba Coin, having rebounded from a potential drop to the middle of its trading channel, is now on the rise, starting from $0.00001027. Investors are excited by the prospect of further increases in Bitcoin’s price, and the second-largest meme coin is garnering attention. A close above $0.00001104 could lead to overcoming the channel resistance at $0.00001136.
Previously, Shiba Coin struggled with this resistance area in August 2023 and saw a dip close to its June 14 low when it failed to break through. In a positive scenario, continued upward movement could lead to prices of $0.00001401, $0.00001807, and a return to $0.00002969, which could ignite excitement for a new all-time high (ATH) and prompt bulls to aim for removing another zero, surpassing $0.00008828.
The cumulative growth of cryptocurrencies could lead to a new historic peak in the $0.0001 zone for Shiba Coin. However, this would require a repeat influx of new investors similar to previous bull markets and growth within the Shiba Coin ecosystem.