Bitcoin

Shiba Inu (SHIB) Looks Ready to Spike to a New ATH (Analysts)

1 Mins read

TL;DR

  • Shiba Inu has been struggling to catch up with the booming crypto market lately, recording a slight price decrease in the past seven days.
  • Despite this, some analysts predict a bull run, with potential targets up to $0.00014 toward the end of the year.

The Odds of a New Substantial Rally

Contrary to the overall market resurgence in the past few days, the popular meme coin Shiba Inu (SHIB) has underperformed. Its price is down 8% weekly, while the market capitalization slipped below the $15 billion mark.

Nonetheless, some industry participants believe the following months will be quite successful for the self-proclaimed Dogecoin killer, envisioning impressive increases. 

The X user Mags presented a price chart, according to which the meme coin’s value could shoot to an all-time high of over $0.00014 by September this year. They also warned investors that the current level is “the last chance to buy SHIB before up only.”

The analyst depicted $0.00002100 as a major resistance level, admitting purchasing SHIB at the start of 2024 when the price was around $0.00000950. Their investment has increased by 165% due to the token’s bull run experienced in the past few months.

CryptoYoddha was also bullish, forecasting a price ascent toward $0.000075 by the end of 2024 (a 200% jump from the current valuation). The analyst thinks SHIB will not be the only meme coin to flourish in the upcoming months, envisioning a bright future for Pepe (PEPE) and Dogecoin (DOGE).

SHIB Whales on the Move

The asset’s latest price decline came despite the increased activity from large investors. As CryptoPotato reported, one whale accumulated over 715 billion SHIB on June 5, while two others purchased the staggering 1.35 trillion tokens.

Whale activity is often seen as a move that can create positive investor sentiment. The development could lead to more people buying SHIB, thus driving a price surge. 

On the other hand, if whales decide to sell off their holdings, it can result in sharp declines. After all, fundamental principles of economics state that prices tend to rise when there is scarcity and growing demand and not in the event of abundance.

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