The Shiba Inu cryptocurrency token may be rising once again, demonstrating a “bullish” trend as its climbs higher and higher in value.

What’s happening with Shib coin?

Shib coin — a meme-based cryptocurrency that is a nod to the Dogecoin crypto token — has risen by 60% in recent weeks since it reached its lowest value ever in July, according to Investing Cube.

  • The price has shown there’s still strong support for the crypto token as there has been a significant movement over 25-day and 50-day periods.

What are Shib coin predictions?

One prediction from Investing Cube suggests that the coin will see another round of resistance when it reaches a value of $0.0000096. But the trend still points upward for the Shib coin.

Shib coin currently has a high entry price for new investors, and there doesn’t seem to be a massive movement for the coin right now, according to FX Street.

  • Though cryptocurrency is rising right now, Shiba Inu coin hasn’t had such a strong rise recently, which has made it challenging for new investors to embrace the meme-based cryptocurrency.

How will Shib coin rise again?

According to Investor Place, the coin could use a boost from some social media hype. Specifically, Tesla CEO Elon Musk — who has previously embraced Dogecoin — could drum up enough support if he were to mention the coin again, per Investor Place.

  • A mention “could easily be enough to swing the prices of these digital assets by double digits in a matter of days,” according to Investor Place.

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