According to CryptoPotato, Shiba Inu (SHIB), a popular meme coin, has been underperforming in the recent crypto market boom, recording a slight price decrease over the past week. Despite this, some analysts predict a potential bull run for the coin, with targets reaching up to $0.00014 by the end of the year. Contrary to the overall market resurgence, Shiba Inu's price has dropped by 8% weekly, and its market capitalization has slipped below the $15 billion mark.
However, some industry participants remain optimistic about the coin's future. A user known as Mags presented a price chart predicting that the meme coin's value could reach 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 identified $0.00002100 as a major resistance level and admitted to purchasing SHIB at the start of 2024 when the price was around $0.00000950. Their investment has since increased by 165% due to the token's bull run in the past few months.
Another analyst, CryptoYoddha, also forecasted a price ascent for SHIB, predicting it could reach $0.000075 by the end of 2024, a 200% jump from the current valuation. They also predicted that SHIB would not be the only meme coin to flourish in the upcoming months, envisioning a bright future for Pepe (PEPE) and Dogecoin (DOGE).
Despite the recent price decline, there has been increased activity from large investors, often referred to as 'whales.' One such investor accumulated over 715 billion SHIB on June 5, while two others purchased a staggering 1.35 trillion tokens. This activity is often seen as a move that can create positive investor sentiment, potentially leading to more people buying SHIB and driving a price surge. However, if these whales decide to sell off their holdings, it could result in sharp price declines. The fundamental principles of economics state that prices tend to rise when there is scarcity and growing demand, not in the event of abundance.