Shiba Inu (SHIB) is one of the most popular meme-based cryptocurrency projects, known for its loyal and passionate community. Currently, SHIB has steadily gained momentum and has become a serious contender in the crypto market.
The Shiba Inu Coin has recently seen a significant increase in its weekly trading volumes, reaching a level that has not been seen since the peak of the historic crypto bull market in 2021. Many popular crypto analysts suggest that it could indicate the beginning of the new market cycle.
Shiba Inu has consolidated around the $0.000010 level in 2023 and recently experienced a remarkable surge to over $0.000045, delivering impressive returns of 4x within weeks. This significant upward movement indicates a potential bullish comeback, drawing investors and traders back to one of the leading meme coins.
What to Expect from Shiba Inu in the Coming Months?
Based on the latest data from CoinMarketCap, Shiba Inu is currently trading at $0.00003536, with a notable 5% increase in value within the past 24 hours. At the time of writing Shiba Inu ranks in the top 10 tokens by market cap, just below Dogecoin. Moreover, there is potential for the SHIB Coin to experience a surge in value if Bitcoin gains bullish momentum in the coming days.
According to our technical and price analysis, the SHIB Coin is expected to reach $0.000057 by the end of March 2024, which shows 160% from current levels. This meme coin is also anticipated to cross the previous high and may touch a new high of $0.00013 by the end of the year 2024.
Also Read: Will Shiba Inu (SHIB) Overtake Dogecoin (DOGE) in March 2024?
We think that this breakout could launch the next major meme coin bull movement to achieve new heights. However, historical volatility suggests that after rapid upward trends, price movements can go in both directions. We advise our readers to monitor whether Shiba Inu stabilizes around the current $0.000036 support level, or if there’s a potential for decline if more sellers enter the market.
With its strong community and potential for huge gains, Shiba Inu is definitely a coin to watch out for in the coming months. However, it is also important to keep in mind that investing in cryptocurrencies involves risk and should be done with caution.
Also Read: Solana (SOL) Projected To Reach $250: Here’s When and How
