The Rise of Shiba Inu (SHIB): A Comprehensive Guide to the Meme Coin Phenomenon

Shiba Inu has emerged as one of the standout performers in the crypto market during the ongoing relief rally. With Bitcoin climbing 4% in the last 24 hours to reclaim the $62,000 range, Shiba Inu has followed suit with a similar bullish trend. At press time, SHIB is trading above $0.000018, after a 7% weekly growth following several weeks of trading below.

Considering that the meme coin was worth $0.00001294 on July 5, Shiba Inu has seen a remarkable growth of approximately 40% over the last ten days. This impressive performance has attracted bullish commentary from the community, particularly analysts who accurately predicted the coin’s comeback.

In a post on X (formerly Twitter) today, Shiba Inu community analyst SHIB Knight expressed delight at the meme coin’s bull run, emphasizing that the asset is on track to break new higher targets. The post updated an analysis shared yesterday when Shiba Inu traded at $0.0000171.

At the time, the analyst identified various targets enthusiasts could look forward to, including the $0.00001760, $0.00001868, and $0.00002043 price points. Presently, the first two have largely been reached, with the most ambitious target remaining. Meanwhile, the analyst noted the potential for Shiba Inu to retrace back to the $0.000014 range.

Notably, SHIB Knight’s optimism extends beyond Shiba Inu to other top-performing dog-themed meme coins in the market. In a weekend update, the analyst observed that SHIB was breaking free from its bearish trend and exhibiting remarkable strength relative to other meme coins.

He added that Dogecoin was not only following this trend but also outpacing PEPE and Solana-based meme coins BONK and WIF. SHIB Knight predicts Floki will likely follow suit, given its historical tendency to move with Dogecoin and Shiba Inu.

As a result, he cautioned community members against betting against the dog-themed coin trio of SHIB, DOGE, and FLOKI.