The popular canine-themed meme coin, Shiba Inu (SHIB), is garnering renewed attention fueled by a recent surge in on-chain activity.
A staggering 17 trillion tokens changing hands within a week highlights this upswing, suggesting a return of investor confidence in the digital asset. As a result, analysts are cautiously optimistic about a potential price increase for SHIB in the coming weeks.
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Moataz “Eljaboom” Elsayed, a well-respected Bitcoin investor and Forbes’ 40 under 40 listee has made a noteworthy prediction regarding Shiba Inu’s future. Based on historical price movements, Eljaboom suggests a possibility of SHIB reaching $0.00024. This prediction hinges on the notion that past performance might influence future trends.
Source: Elja/X
Examining Shiba Inu’s Historical Price Movements
To understand Eljaboom’s prediction, it’s crucial to analyze SHIB’s price journey since mid-2021. A pivotal moment occurred in May 2021 when the token secured a listing on Binance, a leading cryptocurrency exchange.
This listing triggered a significant price surge, with SHIB reaching a high of $0.00005 before settling at around $0.00001995. This upswing represented an impressive 343.64% increase. The positive momentum continued, propelling SHIB to its peak of $0.00008854 by October 2021.
However, the cryptocurrency market experienced a downturn in May 2022, largely due to the collapse of the Terra ecosystem. This event impacted SHIB alongside other digital assets, causing its price to fall below its previously established support level.This support level subsequently transformed into a resistance zone, hindering SHIB’s growth for an extended period of 95 weeks.
A turning point arrived in March 2024. SHIB experienced a decisive breakout from the resistance zone, leading to a remarkable 374% surge and a new yearly high of $0.00004567.
Can SHIB Eliminate Another Zero?
Eljaboom’s analysis, amidst the recent market volatility surrounding SHIB, suggests a potential price increase that mirrors past gains. This analysis indicates a possibility of SHIB rising by a significant 1,105% from its current price of $0.00002328, effectively removing another decimal point from its value. If this prediction materializes, SHIB’s market capitalization will reach $141.6 billion.
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Investor Confidence and Trading Activity
Further bolstering Eljaboom’s prediction is data from CryptoQuant, indicating a surge in Shiba Inu Exchange Reserves to 154 trillion tokens in May 2024. This substantial increase suggests a rise in investor confidence regarding SHIB’s potential.
At the time of writing, SHIB has experienced a modest 4.3% increase in trading volume, hovering around $499 million, while Shiba Inu’s current market capitalization stands at $13.7 billion.While Eljaboom’s prediction offers a glimmer of hope for SHIB investors, it’s important to acknowledge the inherent volatility of the cryptocurrency market. Extensive research and careful consideration of risk factors are essential before making any investment decisions.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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