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Analysis of Shiba Inu’s Current Situation

Shiba Inu, a popular meme coin, is currently undergoing a consolidation phase after experiencing a significant uptrend earlier this month. In the past seven days, SHIB has seen a 13% decline in its price, although it remains 210% higher than it was 30 days ago. According to crypto analyst Javon Marks, Shiba Inu is poised for another major breakout following this consolidation period. Marks predicts that the value of the meme coin could surge to $0.000081, representing a 90% increase from its current levels and potentially establishing a new all-time high.

Continued Momentum for Shiba Inu

Shiba Inu has recently experienced substantial growth, rallying by an impressive 280% from $0.00001178 at the end of February to $0.00004456 on March 5. This surge allowed SHIB to outperform many other cryptocurrencies in the midst of a broader bullish market trend, catching many traders off guard. Additionally, data from Kaiko indicates that Shiba Inu recorded the highest trading volume among meme coins, reaching $31 billion in just one week.

Moreover, analyst Javon Marks had previously forecasted a surge for SHIB as early as October 2023, setting a price target of $0.000081. In a recent update to his prediction, Marks reiterated the potential for further growth beyond the breakout target, suggesting that SHIB’s value could continue to rise.

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Since the attached and more original analysis, prices of $SHIB has shown MASSIVE STRENGTH, climbing approximately +531%, but these prices can be set for even more growth!

With the breakout target still at $0.000081, prices of Shiba Inu could have another +147% move coming.

A https://t.co/ZjA5onlnBO pic.twitter.com/YuUllePvbl

ÔÇö JAVONÔÜí´©ÅMARKS (@JavonTM1) March 13, 2024

It’s worth noting that SHIB has surged by approximately 531% since Javon’s initial prediction in October. Furthermore, a sustained rise above $0.000081 could lead to a 90% increase to $0.0001553, marking a new record high for the meme coin based on his analysis.

Current Position of Shiba Inu

After peaking at $0.00004456, Shiba Inu has retraced and predominantly traded within the range of $0.0000365 to $0.0000295 in the recent week. On-chain data suggests a notable increase in trading volume during this period, with large transactions exceeding $100,000 reaching $578.11 million (17.62 trillion SHIB) on March 11th. Over the past 24 hours, large transactions amounting to 9.94 trillion SHIB ($300.55 million) were recorded.

While the surge in trading volume may indicate heightened accumulation by prominent traders, it could also signal a potential sell-off, given the recent price decline. Nonetheless, the cryptocurrency appears poised to resume its upward trajectory, supported by on-chain indicators reflecting a bullish sentiment.

Lola, an avid SHIB supporter, highlighted several factors that could fuel the meme coin’s growth in the near term, including its decentralization, global accessibility, adoption, strong community, and an effective deflationary burning mechanism. Notably, more than 25.6 million SHIB tokens were burned within the last 24 hours.

SHIB price retraces to $0.0000288 | Source: SHIBUSDT on Tradingview.com

Featured image from The Economic Times, chart from Tradingview.com