Shiba Inu is currently up 19% as it continues to sustain its latest rally, leading investors to ponder its potential to reclaim the previous all-time high.
Shiba Inu (SHIB) has begun registering gains amid the hype around the upcoming Shibarium launch. With a 19% increase over the past week, the question remains: how can SHIB rally 719% more to reclaim its all-time high of $0.00008845?
Shiba Inu is Up 19%
The latest Shiba Inu rally began in late July as the asset eventually sealed a position above the $0.000008 territory in just two days. Following this feat, SHIB consolidated into August, facing resistance that stopped it from reclaiming $0.000009.
However, Shiba Inu leveraged the bullish sentiments on August 5, surging by 14.73% that day. SHIB recaptured $0.00001 for the first time in three months but was summarily displaced by the bears.
This displacement triggered bearish sentiments as selling pressure emerged. As a result, Shiba Inu shed over 10% of its value in the following two days, eventually losing $0.000009 and plummeting to a low of $0.00000876.
However, the ensuing recovery has seen SHIB register massive gains over the past four days. A surge earlier today helped Shiba Inu hit $0.00001079, up 18.93% over the past week. SHIB has now risen to 11th on the list of largest assets looking to break into the top 10.
Can SHIB Reclaim Its ATH
This momentum has triggered bullish sentiments, with market watchers examining SHIB’s potential to reclaim its ATH if it sustains this rally. However, for Shiba Inu to recapture its ATH of $0.00008845, it would need to surge by 719%.
While most market participants hold a conservative view, they believe ecosystem developments such as the SSI initiative and Shibarium should serve as catalysts for bolstering Shiba Inu’s growth.
Despite its meteoric surge in 2021, Shiba Inu has failed to register astronomical gains since falling from its ATH. This stunted growth does not help its case. However, the Shiba Inu ecosystem is witnessing unprecedented developments during this period.
The bullish sentiments and buying pressure triggered by these developments could serve as the much-needed piece for a more substantial increase. Nonetheless, this remains to be seen, and it is difficult to correctly predict if SHIB can reclaim its ATH.
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