Renowned Bitcoin Investor Forecasts Shiba Inu to Surge by 1105 What Factors Are Fueling This Growth
Key Points
– Eljaboom, a prominent Bitcoin investor, predicts that SHIB could reach $0.00024, potentially surging by 1,105%.
– SHIB Exchange Reserve reaches 154 trillion tokens amid market fluctuations.
– On-chain activity shows that 17 trillion SHIB tokens have been moved in the past week, indicating increased volatility.
In the last week, there has been a significant movement of 17 trillion Shiba Inu tokens on the blockchain, signaling a surge in activity and volatility for the popular cryptocurrency. This uptick in movement has led some experts to speculate on a potential bullish trend for Shiba Inu in the near future.
Renowned Bitcoin investor Moataz “Eljaboom” Elsayed, who is listed under Forbes 40 under 40, believes that Shiba Inu could hit $0.00024 if historical trends repeat themselves.
Analyzing the Past
Eljaboom recently shared a tweet highlighting the historical price movements of Shiba Inu, particularly from the second quarter of 2021.
Looking back at May 2021, following the listing of Shiba Inu on Binance, the token’s price skyrocketed to $0.00005 before retracting and finding support at $0.00001995. This led to an impressive 343.64% surge, pushing SHIB to its record high of $0.00008854 by late October 2021.
However, this upward momentum was disrupted by market corrections, notably the Terra ecosystem collapse in May 2022, which caused substantial losses for Shiba Inu and the wider crypto market.
SHIB dropped below its established support range, turning it into a resistance level. For 95 weeks, the token struggled to break through this barrier until a breakthrough in March of this year, resulting in a 374% surge to a yearly peak of $0.00004567.
The Next Target for Shiba Inu: $0.00024
Given the recent volatility surrounding Shiba Inu, Eljaboom’s analysis suggests a potential surge that mirrors its past performance. He anticipates a 1,105% increase from the current price of $0.00002329 to $0.00024, effectively removing another zero from its price. This achievement would push Shiba Inu’s market cap to an impressive $141.6 billion.
Additionally, data from CryptoQuant shows that the Shiba Inu Exchange Reserve soared to 154 trillion tokens in May, highlighting investor confidence in the token’s potential.
Presently, Shiba Inu is trading at $0.00002329, reflecting a slight uptick of 0.43% in its price. Despite this increase, the trading volume has decreased by 4.5%, hovering around $473 million. Shiba Inu’s market capitalization stands at $13.7 billion amidst these fluctuations.