Crypto Analyst Forecasts More Gains for Shiba Inu, Sets New Price Target
After a significant rise earlier this month, Shiba Inu (SHIB) is undergoing a consolidation phase, currently down 13% over the past week, though it still boasts a 210% increase over the past 30 days. Crypto analyst Javon Marks predicts that this period of consolidation is setting the stage for another major breakout. He anticipates that the meme coin will surge to $0.000081, potentially followed by a further 90% increase, reaching a new all-time high.
Recent Performance of Shiba Inu
Shiba Inu recently experienced a dramatic upturn, surging 280% from $0.00001178 at the end of February to $0.00004456 by March 5. This unexpected rally positioned SHIB ahead of many other cryptocurrencies in a broader bull market, accompanied by a significant increase in trading volume. According to Kaiko, Shiba Inu recorded the highest volume among meme coins, hitting $31 billion in just one week.
Javon Marks had previously forecasted this price increase back in October 2023, setting a target of $0.000081 for SHIB. In a recent update, he reaffirmed his prediction, suggesting robust growth beyond the current levels. Since his October prediction, SHIB has seen an approximate 531% increase. Marks’ analysis indicates that breaking and holding above $0.000081 could lead to another 90% rise to $0.0001553, marking a new peak for the meme coin.
Current Dynamics of Shiba Inu
Currently, Shiba Inu has pulled back from its recent peak of $0.00004456, with prices fluctuating mainly between $0.0000365 and $0.0000295 over the past week. On-chain data, including a notable increase in large trader flow, which measures transactions exceeding $100,000, suggests significant activity. This metric reached $578.11 million (17.62 trillion SHIB) on March 11th, with 9.94 trillion SHIB ($300.55 million) transacted in large transactions in the last 24 hours alone.
This heightened trading volume might signal either accumulation or selling by major traders. Nonetheless, the market sentiment, as per on-chain indicators from IntoTheBlock (ITB), remains bullish, suggesting potential upward movement in SHIB’s price.
Factors Supporting Shiba Inu’s Potential Growth
According to SHIB enthusiast Lola, several factors could drive the meme coin’s future growth. These include SHIB’s decentralization, global accessibility, adoption, a dedicated community, and an effective deflationary burn mechanism. Notably, over 25.6 million SHIB tokens were burnt in the past 24 hours, supporting its deflationary strategy and potentially boosting its value further.
