Expert now notes SHIB and Dogecoin resemblance and forecasts its price could rise $0.000049, poising it for a three-figure gain.
Shiba Inu is positioned for a potential significant price increase, with an analyst suggesting it could follow a path similar to Dogecoin, the top meme coin.
Dogecoin recently soared over 100% to reach $0.4359, fueled by its connections to Elon Musk, who played a pivotal role in Donald Trump’s election victory.
This surge temporarily pushed Dogecoin’s market cap to $65 trillion, surpassing XRP’s valuation.
While Shiba Inu has risen by 39% in the last month, it hasn’t experienced the same explosive growth as Dogecoin.
The Ethereum-based meme coin did break through a resistance level at $0.000021, but it hasn’t kept pace with other strong assets like XRP and Solana.
Analyst Ali Martinez has pointed out a resemblance between Shiba Inu’s chart and Dogecoin’s chart before its significant price jump.
He predicts that if this pattern holds, Shiba Inu could see a nearly 100% increase, potentially reaching a three-year high of $0.000049.
He shared a chart supporting this forecast.
Martinez previously speculated that Shiba Inu might rise to $0.000039, noting that a similar price increase occurred when whales withdrew large amounts of SHIB from exchanges.
Other analysts share a positive outlook for Shiba Inu as well.
For example, analyst Carl “The Moon” suggested it could rise to $0.00003630 if it breaks upward.
Meanwhile, Lucie, Shiba Inu’s marketing lead, is even more optimistic, predicting a price of $0.0000686, which would represent an increase of over 170%.
Currently, Shiba Inu is trading at $0.00002742.
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Also Read: An Outstanding 5.72 Trillion SHIB Has Been Traded In 24 Hours
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