Analysis of Shiba Inu (SHIB): Why Experts Point to a 180% Rise The popular dog-themed cryptocurrency, Shiba Inu (CRYPTO:SHIB), surged sharply on Wednesday amid a widespread market rally.
What Happened
The second largest meme cryptocurrency by market capitalization increased by more than 7% over the last 24 hours, outperforming its larger sibling, Dogecoin CRYPTO DOGE.
The surge came after Bitcoin reclaimed the $100,000 level, triggering the widespread market rally.
Analyst JAVON MARKS predicted a significant upward movement for SHIB, with a target of $0.000081.
With this target of $0.000081 still in play, we could soon witness a rise of over 180%, and it may have already started to take effect as we speak, the analyst commented.
The readings of the moving averages also supported the bullish potential of the cryptocurrency. Almost all of SHIB's exponential and simple moving averages showed a buy signal, according to TradingView.