Shiba Inu On The Prowl: SHIB to Hit New All-Time High, Analysts Predict

July 8, 2024
Shiba Inu On The Prowl: SHIB to Hit New All-Time High, Analysts Predict

Industry analysts and traders, in a surge of optimism, predict that Shiba Inu (SHIB) is on track to reach a new all-time high based on strong signs driven by robust community support, strategic investments and favorable market dynamics.

Crypto analyst Andrew Kang recently shared his belief that most altcoins have peaked for the cycle, with the potential exception of a few that might reach new highs in late 2024 or early 2025. “I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025. Bitcoin I think is in some transition stage to a supercyclish asset where it retains both properties from previous cycle behavior and also increasingly more of a mature macro asset,” Kang said

Kang also underscored the role of memes in the cryptocurrency landscape, noting, “Memes probably constitute a majority of the coins that have a chance of making new highs.” However, he cautioned, “Hundreds of thousands of memecoins exist, so you need to be quite selective.” 

While Kang did not explicitly mention Shiba Inu, the memecoin could easily be among those that he said have the potential to reach new all-time highs. Several industry analysts and traders have echoed the same optimism for memecoins, particularly Shiba Inu. 

Crypto analyst @JavonTM1 recently provided an optimistic outlook, stating, “$SHIB (Shiba Inu)’s target at $0.000081 has not changed as prices continue to hold well broken free of the once key, displayed resisting trend.” The crypto analyst suggested that this could lead to a potential 405% increase from its current price, indicating a strong upward trajectory for the coin.

Last month, X user Mags presented a price chart predicting that Shiba Inu’s value could reach an all-time high of over $0.00014 by September. Mags alerted investors that the current price level was “the last chance to buy SHIB before up only.” They identified $0.00002100 as a significant resistance level and noted that their investment in Shiba Inu had increased by 165% since the start of 2024.

Another analyst, CryptoYoddha, expressed a bullish sentiment, forecasting a price increase to $0.000075 by the end of 2024, representing a 200% jump from the current valuation. These analyses underscore the potential for significant gains with Shiba Inu, provided investors navigate the market with due diligence.

In light of these optimistic forecasts and the growing interest in memecoins, Shiba Inu appears to be well-positioned for a potential breakthrough. While the cryptocurrency market is known for its volatility, the current momentum surrounding SHIB suggests a promising trajectory.

As of 12:21 a.m. ET on Monday, Shiba Inu (SHIB) has been slammed by volatility, trading at $0.00001556. This represents a 7.61% decline within the past 24 hours, a steeper 11.22% drop over the last seven days, and a significant 34.88% decrease over the past 30 days.

Despite this recent turbulence, SHIB’s market capitalization remains substantial at $9,152,066,074, reflecting the vast 589,270,855,993,320 SHIB currently in circulation, according to data from CoinMarketCap. This massive circulating supply, combined with the $414,494,860 in trading volume within the last 24 hours, underscores the persistent interest and activity surrounding the memecoin, even amid short-term price fluctuations.

Disclaimer: 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.

Read More

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.

Leave a Reply

Your email address will not be published.