Leading analysts now suggest that Shiba Inu (SHIB) may be heading towards a massive surge, potentially achieving a 200% increase in its value.
Top analysts believe Shiba Inu is set for a major breakout, with some predicting a 200% price rally driven by retail investor enthusiasm.
Despite the recent meme coin surge in the crypto market, Shiba Inu has lagged behind.
Currently, it trades at $0.00002473, reflecting an 8.2% increase over the last 24 hours.
In the past week, it has risen by 35%, with a 42% gain over the month.
In contrast, Dogecoin is performing exceptionally well, trading at $0.3787, which is an 81% increase in the past week and a remarkable 211% rise for the month.
This performance gap has caught the attention of the Shiba Inu community.
Nevertheless, many community leaders remain hopeful, suggesting that significant price increases could be on the horizon.
In a recent post, crypto analyst Roaring Kitty highlighted that the current trends in meme coins follow a historical pattern.
He noted that typical rallies begin with an initial “warm-up” phase, seeing gains of 100-200%, followed by a consolidation period.
After this, retail investors often drive a substantial rally, potentially exceeding a 200% increase in a single week.
Shiba Inu recently broke a downtrend in late September when it surpassed $0.00002150, although it faced a setback, dropping to $0.00001553.
However, this month has seen a stronger rally, with SHIB reaching $0.0000303 for the first time in seven months before retreating to the $0.00002 range.
Roaring Kitty interprets this as a “warm-up rally,” suggesting that a larger movement could follow as retail investors begin to buy into cheaper meme coins.
He speculates that Shiba Inu might even eliminate a zero, potentially rising to $0.00015 during this anticipated surge, urging holders to “keep holding.”
Other analysts are echoing similar sentiments.
“SHIB Mortal” advised traders to monitor Shiba Inu closely, indicating that a breakout could occur soon, while analyst Esk pointed out a bullish falling wedge pattern, which has led him to increase his SHIB holdings.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: A New Shiba Inu Whale Has Now Accumulated 4 Trillion SHIB Tokens
About The Author
Leave your thoughts below
Read Daily Crypto News- https://franknez.com/daily-crypto-news/ for more news and updates like this