Shiba Inu (SHIB) has been making waves in the crypto market lately, with its price experiencing a 6% increase over the past week.
This sudden upward movement has caught the attention of analysts and investors alike, many of whom are predicting further potential gains for the token.
TLDR
- Shiba Inu (SHIB) has recently seen a 6% price increase, sparking predictions of further potential gains.
- Analysts forecast SHIB could surge by 20-50% if it breaks key resistance levels around $0.00002444 and $0.00002741.
- Some analysts are extremely bullish, predicting SHIB could rally by as much as 350% in the near future.
- The rise in SHIB’s price is attributed to the ongoing “meme season,” with other meme coins like PEPE, FLOKI, and BONK also experiencing significant gains.
- Shibarium, Shiba Inu’s Layer 2 network, has witnessed a 50% surge in on-chain activity and a robust increase in the number of accounts, indicating growing interest and adoption.
According to analysts like Ali Martinez and Dami-Defi, SHIB’s price could climb by 20-50% if it manages to break through key resistance levels.
Specifically, Martinez believes that if SHIB surpasses the upper boundary of the descending parallel channel at $0.00002444, it could see a 20% increase in value.
Dami-Defi, on the other hand, is even more optimistic, suggesting that SHIB has formed a falling wedge pattern on the daily time frame. If the current level is surpassed, they envision a 50% price pump for the meme coin.
However, some analysts are even more bullish on SHIB’s potential. Del Crxpto, an X user with nearly 100,000 followers, has claimed to know “what’s coming” for SHIB in the future.
While they did not share specific details to avoid “tarnishing their SHIB relationships,” they expressed their confidence by stating that they are actively accumulating SHIB.
Rekt Capital and CRYPTO SHERIFF have also weighed in on SHIB’s prospects. Rekt Capital noted that SHIB’s value has reached the same level as early 2022, implying that if it crosses the critical resistance level of $0.00002741, the price could explode by triple digits.
CRYPTO SHERIFF went a step further, claiming that a breakout has already occurred and forecasting a staggering 350% rally for SHIB in the near future.
The recent surge in SHIB’s price and the optimistic predictions from analysts are linked to the ongoing “meme season” in the crypto market.
As CryptoPotato reported, numerous other meme coins, such as PEPE, FLOKI, and BONK, have also experienced significant gains lately, with the total market capitalization of the meme coin niche exceeding $55 billion.
Adding to the positive sentiment surrounding Shiba Inu is the increasing activity and adoption of its Layer 2 network, Shibarium.
According to data from Shibariumscan, new transactions on Shibarium increased by nearly 50%, from 5,150 on Friday to 7,691 by Sunday.
Additionally, the total number of Shibarium accounts has grown from 105,367 on May 1 to 113,732 by May 27, indicating robust expansion and growing trust in the platform.
Shibarium functions as an Ethereum Layer 2 solution, aimed at enhancing scalability and transaction efficiency on the Ethereum blockchain.
By reducing transaction times and costs, Shibarium aligns with Shiba Inu’s goal of evolving from its meme origin into a widely utilized cryptocurrency.
