Shiba Inu Still Set For New All-Time High Despite Recent Price Dip: Analyst

March 16, 2024

Shiba Inu is currently navigating a period of consolidation following a robust uptrend earlier this month. However, optimism reigns amid momentary stabilization as a crypto analyst hinted at SHIB’s readiness for another significant breakout, propelling its value to $0.000081 and further surging by a staggering 90%, potentially setting a new all-time high (ATH).

The native token of the Shiba Inu ecosystem has surged by an impressive 280% from $0.00001178 at the end of February to $0.00004456 on March 5, catching many traders off guard amidst a bullish market. This price rally was accompanied by a remarkable uptick in trading volume, reaching $31 billion in just a week, marking the highest volume among meme coins and establishing SHIB as a dominant player in that particular crypto space.

This massive increase in both price and volume underscored the growing interest and speculative trading activity around SHIB. While this performance is already impressive, SHIB is reportedly set to reach greater heights with the possibility of recording a new all-time high price, a crypto analyst who uses the X handle @JavonTM1 said in a tweet. 

The potential for SHIB to reach new heights doesn’t seem unfounded given its recent performance and the broader market context. Back in October, the analyst predicted Shiba Inu’s price surge, which has since seen over 531% spike. 

Despite this substantial growth, the analyst forecasted SHIB’s potential for further upward momentum in its price trajectory. Should Shiba Inu reach its breakout target of $0.000081, investors could anticipate a potential upward move of approximately +147%, he added, before noting that should the cryptocurrency successfully breach and sustain levels above this threshold, it could pave the way for further gains, potentially surging by an additional +90% to reach $0.0001553.

In a recent analysis, Michaël van de Poppe, CEO and founder of MN Trading Consultancy and a respected authority in the crypto analysis world, has made a compelling assertion regarding the potential for significant rallies among altcoins. According to his assessment, there remains approximately 40-60% market capitalization yet to be gained for altcoins, suggesting that Shiba Inu could be poised for a noteworthy rebound. 

However, the volatile nature of cryptocurrency markets means that predictions, especially for crypto assets like Shiba Inu, carry a high degree of uncertainty. As of 11:35 a.m. ET on Saturday, Shiba Inu is trading at $0.000027, accompanied by a substantial 24-hour trading volume of $1,378,974,140. 

This represents a 5.57% decline over the past 24 hours and a significant 21.85% price plummet over the last seven days. SHIB currently holds the 11th seat in CoinMarketCap’s top cryptocurrencies with a market capitalization of $16,146,551,413 and a circulating supply of 589,289,410,812,691 SHIB coins, the latest data from CoinMarketCap showed.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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