Historical Trends Suggest Shiba Inu Price Will Rally 1,000% To $0.00024, Analyst Reveals When
June 12 2024 - 3:00PM
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Crypto analyst Eljaboom has provided insights into how Shiba Inu
(SHIB) could rise in this bull run. The analyst alluded to history
to show that the second-largest meme coin by market cap can still
reach unprecedented heights. Shiba Inu To Reach
$0.00024 In This Bull Run Eljaboom suggested in an X (formerly
Twitter) post that Shiba Inu will rally by over 1,000% to reach
$0.00024 in this bull run. This came following his remarks that
history was repeating itself for SHIB. The accompanying chart he
shared showed that the analyst was expecting Shiba Inu to
experience a similar price surge as it did in 2021, although way
higher this time around. Related Reading: Bitcoin Turns Weakness
Into Strength: Analyst Identifies Major Liquidity Zone At $73,000
Crypto analyst Crypto Emily seemed to agree with Eljaboom’s
prediction, stating that anyone who has lost faith in Shiba Inu is
“clueless.” Meanwhile, Eljaboom’s prediction aligns with other
crypto analysts who predict that Shiba Inu will shed another zero
and rise to $0.0001. One is Javon Marks, who predicts that SHIB
will eventually rise to $0.0001553. Crypto analyst Capt
Toblerone shared a similar prediction to Eljaboom’s own while using
the Elliot Wave Theory to analyze Shiba Inu’s chart. The chart
showed that SHIB will rise to $0.00022 when wave 3 of the five-way
sequence occurs. Interestingly, the analyst suggested that Shiba
Inu’s rise to this price level could happen by September this
year. Meanwhile, other crypto analysts, like Armando Pantajo,
have made more bullish price predictions for SHIB in this bull run.
Pantajo predicted that Shiba Inu would shed two zeros and rise to
$0.001. Crypto analyst Ali Martinez went one further and predicted
that Shiba Inu could shed three zeros and rise to $0.011. Factors
That Can Spark Shiba Inu’s Unprecedented Price Surge Several
factors could contribute to Shiba Inu’s parabolic rise to such
heights. One is the institutional adoption of the meme coin. The
Shib community has been actively working towards achieving this by
petitioning Grayscale to consider launching a SHIB ETF.
Interestingly, this petition has gained over 10,000 signatures,
highlighting the community’s dedication to the cause. Related
Reading: Bitcoin Crash Below $67,000 Sends Market Spiraling, Here
Are The Levels To Watch The potential launch of a Shiba Inu ETF
would bring new money into the meme coin’s ecosystem, which could
trigger this parabolic price surge. New money is also expected to
flow into the SHIB ecosystem when the team finally launches the
proposed privacy-focused layer-3 network. More users are expected
to troop into the Shiba Inu ecosystem to enjoy such utility.
Meanwhile, layer-2 network Shibarium undoubtedly still has a
significant role to play in SHIB’s growth. The network has already
committed to using some of the network fees earned for Shiba Inu
token burns. As such, Shibarium can be expected to carry out
massive token burns again once daily transactions on the network
pick up. Featured image created with Dall.E, chart from
Tradingview.com
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