finbold.com
After more than a year, the cryptocurrency market appears to have finally shaken off the bearish trends of the “crypto winter.” In the second half of October, multiple cryptos started a decisive rally that has seen many reach heights not seen in a long time.
While major players like Bitcoin (BTC), which first rapidly rose above $35,000 and is hovering around $44,000 at the time of publication, or Ethereum (ETH) – itself above $2,200 for the first time since May 2022 – have been at the center of attention, many altcoins and meme coins have also joined the bull run.
Dogecoin (DOGE) and Floki Inu (FLOKI) have already entered a breakout, and on December 6, another major “dog coin,” Shiba Inu (SHIB), appears to have joined the surge, according to an X post by market analyst Jake Wujastyk based on analyzing trend lines tracking data dating back to the Terra (LUNA) collapse in May 2022.
SHIB has also had a strong week and is up 20.88% in the last 7 days, and a rather strong month being 22.20% – though it has spent several weeks in the last 30 days trading mostly sideways.
Despite its most recent performance and the apparent breakout, SHIB is currently up around 8% year-to-date (YTD) and has to climb significantly more to reclaim its yearly highs seen in February.
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