Shiba Inu (SHIB) Looks Poised to Rise to New ATH (Analysts)

TL;DR

Shiba Inu has been struggling to catch up with the booming crypto market of late, registering a slight decrease in price over the past seven days. Despite this, some analysts are predicting a bullish run, with potential targets as high as $0.00014 towards the end of the year. The odds of another substantial rally

Contrary to the general market resurgence of the past few days, the popular meme coin Shiba Inu (SHIB) has underperformed. Its price is down 8% weekly, while the market cap fell below $15 billion.

However, some industry participants believe that the coming months will be very successful for the self-proclaimed Dogecoin killer, who are predicting impressive increases.

User X Mags presented a price chart, according to which the value of the meme coin could reach an all-time high of more than $0.00014 in September of this year. They also warned investors that the current level is “the last chance to buy SHIB only before it goes up.”

The analyst represented $0.00002100 as a major resistance level, admitting that he bought SHIB in early 2024 when the price was around $0.00000950. Their investment has increased by 165% due to the token’s rise experienced in the past few months.

CryptoYoddha was also bullish, predicting a price increase towards $0.000075 by the end of 2024 (a 200% jump from the current valuation). The analyst believes that SHIB will not be the only meme coin to thrive in the coming months, and predicts a bright future for Pepe (PEPE) and Dogecoin (DOGE).

SHIB Whales on the move

The latest drop in the asset’s price came despite increased activity by large investors. As reported by CryptoPotato, one whale amassed over 715 billion SHIB on June 5, while two others bought a staggering 1.35 trillion tokens.

Whale activity is often seen as a move that can create positive investor sentiment. The development could lead to more people buying SHIB, thereby causing prices to rise.

On the other hand, if the whales decide to sell their properties, it can lead to steep declines. After all, fundamental principles of economics say that prices tend to rise when there is scarcity and increasing demand, not when there is plenty.

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