Shiba Inu has been making waves in the news recently, with a staggering 17 trillion tokens being exchanged in just one week. This surge in on-chain transactions has brought some excitement to this popular digital asset, with analysts hinting at a possible upswing in Shiba Inu’s fortunes in the near future.
One expert weighing in on the conversation is Moataz “Eljaboom” Elsayed, a well-known Bitcoin investor who has made it onto Forbes’ 40 under 40 list. Eljaboom has made a bold prediction, suggesting that Shiba Inu’s price could reach $0.00024 if historical patterns repeat themselves.
Taking a closer look at Shiba Inu’s price movements, particularly since mid-2021, Eljaboom pointed out that in May 2021, after being listed on Binance, the token surged to $0.00005 before stabilizing at $0.00001995. This increase of 343.64% marked a significant milestone for SHIB, which later peaked at $0.00008854 by October 2021.
However, there were challenges along the way, such as the Terra ecosystem collapse in May 2022, which impacted Shiba Inu and the wider crypto market. Despite these obstacles, SHIB managed to break through its resistance zone in March this year, experiencing a 374% surge to a yearly high of $0.00004567.
Looking ahead, Eljaboom’s analysis suggests a potential surge for Shiba Inu, possibly mirroring its previous performance. He anticipates a 1,105% increase from the current price of $0.00002329 to $0.00024, which would significantly boost Shiba Inu’s market cap to $141.6 billion.
Additionally, data from CryptoQuant indicates a rise in Shiba Inu Exchange Reserve to 154 trillion tokens in May, showcasing investor confidence in the token’s potential. Currently, Shiba Inu is trading at $0.00002329, showing a slight 0.43% increase in price. Despite this uptick, trading volume has decreased by 4.5%, hovering around $473 million, with the market capitalization standing at $13.7 billion.
With potential fireworks on the horizon in the coming weeks, all eyes are on Shiba Inu as investors look forward to seeing how the digital asset performs in the market.