Shiba Inu secures 12th position, Can $SHIB reach $1?

The meme currency, Shiba Inu (SHIB), has been bustling for over 350% of last week’s time now. The bullish rise of altcoin helped to get it into the top 20 crypto coins list, and earlier this morning, it reached 12th place. The Litecoin (LTC) and the Chainlink (LINK) likes were left briefly below. After gaining 0ver 50 percent daily, the SHIB price surged to a daily high of $0.0,00003498.

Over the last four days, the altcoin has made double-digit gains which enabled the meme coin to make crypto headlines all over again. There has been a lot of institutional money inflow on the coin, as the trading volume is spiking, which is a good sign.

After almost four months of price inactivity during this continued bull movement, SHIB managed to erase a zero of its price. The high rise was attributed to Elon Musk’s Floki Puppy weekend tweet, but retail readers are mostly doing something that was noted during the Dogecoin massive spike earlier this year.

Another explanation for this is claimed to be the $6.3 trillion Shiba Inu Token purchase on October 1 by the gigantic whaling shopping frenzy. Currently, the SHIB trade volumes on Bitcoin and Ethereum surpass that indicates that demand for the meme coin is currently pretty significant.

Can Shiba Inu reach $1?

SHIB ranks 12th on CoinMarketCap with many specialists in the field of cryptocurrency who attribute to the current social media attention the excitement about the digital coin.

However, Gate.io, the trading platform, believes that this pace of interest and price gains will not continue for the long term. Nonetheless, experts are saying that one can hold as it might shred some more zeros from its price. The people are crazily interested in the coin, which may result in a further upward rally.