Amid growing investor expectations for a significant price trend, Shiba Inu’s lead developer Shytoshi Kusama has cemented the cryptocurrency’s dominance in the crypto market.
The statement comes as SHIB is enjoying a relatively stable trading pattern following its recent surge to $0.00003031.
Responding to calls from community members that he should push the price of the meme coin up, Kusama emphasized that SHIB is the largest ERC-20 token on the market, excluding multi-chain stablecoins like USDT and USDC.
Shiba Inu holds a significant market capitalization of $16.03 billion, securing its position as the 12th largest cryptocurrency globally. The meme coin is currently trading at $0.00002708, representing a 7.96% increase over the past 24 hours. The increase comes as Bitcoin recently surpassed $99,655 and is on track to break the $100,000 mark for the first time.
Technical analysis and market dynamics
Several analysts have shared their analysis of the price of SHIB, and most of them point to a significant upside in the future of the meme coin. Crypto analyst Ali (@ali_charts) has identified a key resistance level at $0.000025, where approximately 40,150 addresses collectively hold 54.6 trillion SHIB tokens.
This concentration of holdings creates a significant barrier to upside, as these investors can engage in profit-taking activities when prices reach this threshold.
However, Ali's technical analysis suggests significant upside potential if SHIB successfully breaks above this resistance level. The formation of a bullish flag pattern on SHIB's price chart suggests a potential surge to $0.000039, subject to a break above the current resistance level.
This technical indicator coincided with a massive 1.67 trillion SHIB withdrawal, and Martinez noted that the meme coin surged 62% the last time this happened.
Shiba Inu (SHIB) Price Forecast
Despite trading 68% below its all-time high, SHIB has shown incredible resilience and growth in 2024. The meme coin is up more than 232% year-to-date and experts predict this momentum will continue.
Javon Marks (@JavonTM1) has predicted an optimistic target of $0.0001553, reflecting the general community sentiment that SHIB could set a new price record in the current market cycle.
Marks has predicted this target increase multiple times. He believes that the meme coin can reach its price target. This would surpass SHIB's all-time high of $0.00008845 and mark a historic bull run for the meme coin.
