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.

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