After experiencing significant growth in the first part of the month, Shiba Inu has recently entered a period of stabilization. In the past week alone, SHIB has dropped by 13%. However, over the last 30 days, the meme coin has still managed to increase by an impressive 210%. Crypto expert Javon Marks believes that Shiba Inu will soon experience another significant surge, following its current period of consolidation. He predicts that SHIB’s price could reach $0.000081 initially and then rise by an additional 90% to set a new all-time high.
Continued Uptrend For Shiba Inu
Shiba Inu experienced a remarkable rise over the past few days, jumping from $0.00001178 on February 28 to a peak of $0.00004456 on March 5 – a stunning 280% increase. This sudden growth propelled Shiba Inu above most cryptocurrencies during the ongoing bull market, taking many traders by surprise. The price hike was accompanied by an impressive trading volume surge. According to Kaiko data, Shiba Inu recorded the highest weekly trading volume among meme coins at a staggering $31 billion.
Based on social media reports, analyst Javan Marks forecasted a SHIB price surge as early as October 2023, setting his prediction at $0.000081. In his latest update, Javan maintains that the price will continue to rise, keeping the previous target of $0.000081 in sight.
Based on the enclosed and more authentic assessment, Shiba Inu ($SHIB) prices have demonstrated extraordinary power, increasing by around 531%. However, there’s still room for further price escalation.
If the price of Shiba Inu reaches its anticipated peak of $0.000081 (currently the breakout target), there is a potential for an additional increase of approximately 147%.
A…
— JAVONMARKS (@JavonTM1) March 13, 2024
Notably, SHIB has surged around 531% since Javon’s prediction in October. Based on his assessment, if SHIB manages to break and sustain above $0.000081, it could pave the way for an additional potential gain of up to 90%, reaching a new peak price of $0.0001553 – a new record high for the meme coin.
Current State Of Shiba Inu
In simpler terms, the price of Shiba Inu coin dropped after reaching a high of $0.00004456 and has mostly fluctuated between $0.0000365 and $0.0000295 over the past week. This period has also seen a significant increase in trading activity, as indicated by on-chain data. For instance, IntoTheBlock’s large trader flow metric, which tracks transactions above $100,000, jumped to $578.11 million (17.62 trillion SHIB) on March 11th alone. In the last day, there have been nearly 10 trillion SHIB ($300.55 million) worth of large transactions.
The significant rise in trading activity might be a sign of larger investors buying more cryptocurrency. On the other hand, it could signal a sell-off based on the recent price decrease. Nevertheless, the crypto’s trend appears to be heading towards further price increases, and ITB data suggests a positive outlook for the market.
Lola, an avid fan of Shiba Inu (SHIB), outlined on platform X several elements that could potentially fuel the meme coin’s expansion in the upcoming period. These elements encompass Shiba Inu’s decentralized nature, global reach and acceptance, a robust community, and an effective mechanism for token burning. It is worth mentioning that approximately 25.6 million SHIB tokens were burned within the last 24 hours.
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2024-04-21 04:11