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Top Bitcoin Investor Expects 1.105% Price Increase for SHIB Price; Here because
Shiba Inu has been making headlines lately. As many as 17 trillion tokens have changed hands in just a week, signaling a flurry of on-chain transactions and injecting some excitement into this popular digital asset. Amid all this action, analysts are whispering about a possible upturn in Shiba Inu fortunes in the coming weeks.
Read on to find out what the experts say.
Analysis of historical patterns
One voice in this conversation is Moataz “Eljaboom” Elsayed, a well-known Bitcoin investor who has also earned a spot on Forbes’ 40 under 40 list. Eljaboom has a bold prediction: he thinks the price of Shiba Inu could rise to $0.00024 if history repeats itself.
In a recent tweet, Eljaboom delved into the Shiba Inu’s price movements, specifically focusing on its journey since mid-2021.
From the highs to the lows and back
Let’s go back to May 2021, a crucial time for Shiba Inu. After being listed on Binance, the token rose to $0.00005 before stabilizing at $0.00001995. This surge marked an impressive increase of 343.64%, pushing SHIB to its peak of $0.00008854 by October 2021.
But then came the bumps in the road, like the Collapse of the Earth’s ecosystem in May 2022, which shook Shiba Inu and the broader cryptocurrency market.
The SHIB has broken below the established support range, turning it into a resistance zone. For 95 weeks, the token struggled to overcome this barrier until the decisive breakout in March this year, which saw growth of 374% increase up to one year high of $0.00004567.
Is there still any hope?
In the midst of recent volatility surrounding Shiba Inu, Eljaboom’s analysis suggests potential upside, reflecting past performance. He thinks Shiba Inu could rise 1.105% from its current price of $0.00002329 to $0.00024, effectively knocking another zero off its price. Such a milestone would push Shiba Inu’s market capitalization to a whopping $141.6 billion.
Current market scenario
Furthermore, CryptoQuant data indicates this that the Shiba Inu Exchange Reserve rose to 154 trillion tokens in May, underscoring investor confidence in the token’s potential.
At the moment, Shiba Inu trades at $0.00002329, reflecting a slight 0.43% increase in its price. Despite this price increase, trading volume decreased by 4.5% to around $473 million. Amid these fluctuations, Shiba Inu’s market capitalization stands at $13.7 billion.
With the stage set for potential fireworks in the coming weeks, all eyes are on the Shiba Inu.