The trading price of Shiba Inu is $0.00002497, up 4% in 24 hours, with analysts predicting it could soar to $0.000049.
Analyst Ali Martinez noted that SHIB's chart is similar to Dogecoin's previous upward trend, suggesting that future gains could approach 100%.
Shiba Inu leads Ethereum tokens with a market cap of $14.72 billion, making it the second largest meme token in the world.
The second largest meme coin in the market, Shiba Inu (SHIB), is priced at $0.00002497, having seen a slight increase in the past 24 hours. The token has demonstrated tremendous growth over the past month, with an increase of over 40%. Experts predict that SHIB could rise to $0.000049 in the future, almost double its current price.
Renowned market analyst Ali Martinez recently focused on the price chart of Shiba Inu. He stated that its structure resembles that of Dogecoin before its surge. SHIB has followed this pattern, leading some analysts to predict it could rise by 100%.
Analysts point out similarities between SHIB and Dogecoin before its surge.
According to Ali Martinez, the price chart of Shiba Inu is similar to that of Dogecoin before its surge. Dogecoin's price increased by over 100%, thanks to its popularity and various other factors like celebrity endorsements.
Martinez's conclusion is based on data including historical events and on-chain indicators. He predicts that if the current trading patterns remain unchanged, SHIB's price could rise to $0.000049. In previous analyses, Martinez set a target price of $0.000039 for SHIB, citing that whales are withdrawing large amounts of tokens from exchanges as a bullish signal.
Shiba Inu leads Ethereum tokens and maintains its market position.
Meanwhile, Shiba Inu remains the leading meme token on the Ethereum network, with a market cap of $14.72 billion. It is the second largest memecoin in the market, only behind Dogecoin. Nevertheless, the popularity of assets like Solana and XRP has not diminished SHIB's viability in the broader crypto space.
The token's identity as an ERC-20 token aids its adoption and liquidity. Moreover, its ecosystem (including Shibarium and other projects) is dedicated to increasing utility and promoting SHIB adoption.
Shiba Inu's lead Shytoshi Kusama recently talked about the decentralized nature of the token and how it has become the number one ETH token in the world. Kusama described the ongoing work of the development team to enhance the platform's adoption and applicability using an advanced technology stack.
Analysts speculate that SHIB will have a broader development momentum.
It is not only Martinez who is optimistic about SHIB's price. Other analysts, like Carl 'The Moon', are also optimistic about the token's future price increase. Carl predicts that if SHIB breaks through the current resistance levels, its price could rise to $0.00003630. Similarly, Shiba Inu's marketing head Lucie has set a target price of $0.0000686, which could represent a 170% increase from the current price.
The Shiba Inu ecosystem is still evolving, with new development plans being implemented to enhance the token's utility and adoption. Some achievements of the project include improved burn mechanisms and the development of a competitive technology stack. These measures will reduce the token supply while increasing demand, thereby contributing to price increases.
Additionally, whale activity has increased the likelihood of market positivity. A significant outflow of Shiba Inu tokens from exchanges is generally seen as a positive signal. Recent large withdrawals indicate that major holders are increasing their positions, clearly showing their confidence in the long-term value of the token.
Whether Shiba Inu can reach the forecasted price of $0.000049 depends on continued breakthroughs of resistance levels.
