Shiba Inu (SHIB) had quite a bullish weekend, outperforming major cryptocurrencies such as Bitcoin (BTC). The dog-themed crypto rallied 26.4% in the weekly charts, 40.9% in the 14-day charts, and 33% over the previous month. Despite the rally, the asset faced a 7.8% correction in the last 24 hours.

Also Read: 10 Best Crypto Staking Platforms of 2024

SHIB’s Recent Performance And Future Predictions

SHIB’s Correction And Memecoin Surge

SHIB’s correction in the daily charts could be due to Bitcoin (BTC) slipping below the $65,000 mark. Memecoins began to surge after BTC’s climb to the $65,000 level. Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), etc., all witnessed significant rallies over the last few days but have since faced a dip again.

Will Shiba Inu Reclaim $0.00005?

According to CoinCodex data, SHIB’s price will surge to $0.00004160 on Oct. 4, 2024. Reaching $0.00004160 from current prices will lead to a rally of about 123.9%. CoinCodex analysts do not anticipate SHIB’s price to hold at $0.00004, predicting a correction to around current price levels by mid-October.

Also Read: BRICS: 40 Countries Want To Ditch the US Dollar

Changelly’s Prediction For SHIB

Changelly analysts also paint a similar picture for Shiba Inu (SHIB). The platform anticipates the asset to hit $0.00003905 on Oct. 4, 2024. Like CoinCodex, Changelly analysts do not expect SHIB’s price to hold at $0.000039, predicting a correction to around current levels by mid-October.

There is also a possibility that SHIB will continue to rally and not face a correction, as predicted by the two platforms. Historically, October has been a bullish month for the crypto market. If the market maintains this trend, SHIB may hit the $0.00005 mark later in October.

Also Read: Shiba Inu: Could FOMO Drive SHIB Coin Toward 90% Rally?

For SHIB to continue rallying, Bitcoin (BTC) has to regain its momentum from earlier this year. A BTC rally will most likely lead to other assets climbing.