Shiba Inu (SHIB) is currently trading around $0.000017 on Thursday and is trading in red. Its price has experienced a significant decline since March 2024 when it dramatically surged 280% in a month. It reached a high of $0.000036 on March 6, 2024, only to shed all its gains in the next seven months. Only investors who sold during its monthly high in March made profits while those who held on to the token are now under loss.

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Now that Shiba Inu is on the back foot, will the dog-themed token nurse its wounds and begin to rally like it did in March? A new price prediction shows that SHIB has the potential to spike another 100% and end 2024 on a high note. In this article, we will explain how high SHIB could trade in the indices by the end of the year.

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Shiba Inu Price Prediction: Potential For a 100% Spike Remains Ripe

Leading on-chain metrics and price prediction firm Changelly has forecasted an extremely bullish thesis for SHIB. According to the latest price prediction, Shiba Inu has the potential to rise by 100% from its current price of $0.000017. The recent price forecast indicates that the token could reach a high of $0.000033 by the end of 2024.

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That’s an uptick and return on investment (ROI) of approximately 96% from its current price. Therefore, an investment of $1,000 made today could turn into $1,960 if the forecast turns out to be accurate. That’s a phenomenal return in the next two and a half months as doubling money usually takes years.

Also Read: How High Will Shiba Inu Rise If Its Market Cap Hits $500 Billion?

On the flip side, the US presidential election could make the global markets turn volatile. This could affect Shiba Inu’s potential and dim its prospects. Investors remain cautious as the markets can throw surprises that could be hard to digest. It is advised to do thorough research before taking an entry position in SHIB and trade at your own risk.