Shiba Inu, the second-largest meme coin by market capitalization, is expected to see a significant price increase based on new analysis by cryptocurrency expert Ali Martinez. The analyst predicts that Shiba Inu could follow a similar price trajectory to Dogecoin, which previously saw a 100% increase.

Dogecoin’s remarkable price surge was largely influenced by its association with high-profile figures like Elon Musk. During the rally, Dogecoin reached $0.4359, achieving a market capitalization of $65 billion and temporarily surpassing XRP in market value.

This bullish momentum, fueled by strong investor sentiment, has been compared to the asset's recent performance.

Current market position

While Shiba Inu has gained 50% over the past month, its growth has not been as dramatic as Dogecoin’s historic gains. The Ethereum-based token recently broke through resistance at $0.000021 but has yet to match the performance of other popular assets such as XRP, Solana, and Dogecoin. At press time, SHIB was trading at $0.00002688, reflecting an 8% gain over the past 24 hours.

Despite this modest growth, market experts have noted indicators of a possible bullish breakout. Ali Martinez highlighted similarities between the asset’s current price structure and Dogecoin’s pattern prior to its notable rally.

Shiba Inu (SHIB) Analyst Prediction

In a recent analysis shared on X, Martinez identified key similarities between the Shiba Inu’s chart and Dogecoin’s pre-bullish pattern. Based on these observations, he speculates that the asset could see a near 100% price increase, potentially reaching $0.000049, a three-year high for the token.

Martinez forecasts a smaller increase to $0.000039, citing a 62% price increase in a similar market scenario as whales withdraw large amounts of SHIB from exchanges. His updated analysis builds on this initial prediction, suggesting even greater potential for the token in the coming weeks.

Broader market sentiment

Martinez is not the only analyst bullish on the asset’s potential. Carl The Moon, a popular cryptocurrency analyst, suggested that the asset could rise to $0.00003630 if it breaks key resistance levels.

Meanwhile, Lucie, Shiba Inu's marketing director, shared an even more ambitious target of $0.0000686, a 155% increase from the current price.

Factors affecting prediction

The bullish momentum of the broader cryptocurrency market and Shiba Inu’s improved market momentum contribute to these optimistic forecasts. Analysts have pointed to factors such as increased whale activity, reduced exchange holdings, and improved market sentiment as key drivers for the potential rally.

While the token has yet to match Dogecoin’s explosive growth, recent price action and bullish predictions from analysts suggest significant upside potential. However, like any cryptocurrency investment, these predictions come with inherent risks and are subject to market conditions.