Shiba Inu Surges 208% in 2024: Analysts See Top 10 Potential

Dog-themed memecoin Shiba Inu ($SHIB) is climbing the cryptocurrency rankings by market capitalization. Currently in 12th place, crypto analysts believe the memecoin’s trajectory could propel it into the top 10 cryptocurrencies by market cap soon.

$SHIB picked up momentum since the beginning of Q4 2024 and has continued in a sustained rally until the time of writing. In terms of price, $SHIB’s value surged from an August 5 low of $0.00001079 to reach $0.00003318 on December 1, before pulling back slightly to trade for $0.00003090 at the time of writing, according to data from TradingView.

This rally reflects a 208% surge, with the memecoin breaking above multiple resistance levels. An assessment of the cryptocurrency’s price chart shows the next resistance at $0.00004575, a yearly high reached in Q1 2024.

Despite $SHIB’s impressive price rally, the memecoin’s growing market cap has attracted crypto analysts’ attention. CoinMarketCap’s data reveals a steady rise in $SHIB’s market cap since the beginning of September. Capital inflow into the Shiba Inu network has led to the ecosystem’s market capitalization surging from $7.57 billion in the first week of September to $19.41 billion as of December 5.

Read also: Burn Portal and Consolidation Phase Signal $SHIB’s Next Big Move

Shiba Inu’s market cap pulled back slightly to $18.28 billion at the time of writing. However, the memecoin’s outlook reveals significant bullish momentum, leading to analysts’ predictions that $SHIB would continue to rise in price and capitalization.

Shiba Inu currently sits behind Avalanche ($AVAX), which ranks eleventh in the overall CoinMarketCap ranking, with a market capitalization of $21.28 billion. Most analysts consider Shiba Inu’s momentum strong enough to surpass $AVAX in the crypto ranking and potentially enter the top 10 cryptocurrencies.