News, Price Analysis

Shiba Inu Price Slumps, But Can THESE Updates Spark a 10x Rally?

After a significant crypto market plunge, Shiba Inu’s price has taken a sharp nosedive, declining for three consecutive days to a low of $0.00001271. This marks its lowest point since March 1st, and represents a staggering 70% drop from its peak this year. In comparison, major cryptocurrencies like Bitcoin and Ethereum have fared better.

Here’s the surprising twist: some analysts are predicting a massive rebound, with sky-high price targets that defy the current downtrend.

Dive deeper to know more.

Ambitious Targets for Shiba Inu

Renowned analyst Trading View Abmoon has set a bold target for Shiba Inu (SHIB), forecasting a potential surge to $0.000165. Abmoon’s analysis, initially published in November 2023 when SHIB hovered around $0.00001, outlines several ambitious price targets:

  • First Target: $0.00002629 to $0.00002825, a 163% increase.
  • Second Target: $0.00003778 to $0.0000399, a 272% return.
  • Fourth Target: $0.0000869 to $0.0000924, reflecting a remarkable 757% rise.
  • Fifth Target: $0.000124 to $0.00013, along with
  • Sixth Target: $0.0001606, as the minimum goals.

Abmoon’s ultimate price target for SHIB stands at $0.000165, representing a jaw-dropping 997% increase from the current level. This prediction follows an eight-month trading period with some targets already reached and lost. Despite recent market setbacks, analysts remain optimistic about SHIB’s recovery and potential for further price appreciation.

Shiba Inu’s positive momentum is bolstered by exciting updates, including the launch of the blockchain version of the Shiba Eternity Game and expansions to its Shibarium network. Recent Shibarium updates offer new opportunities for community engagement: developers can now create apps, users can become validators, and assets can be bridged from Shibarium to Ethereum, enhancing the Web3 experience. These developments could propel SHIB’s price to new heights.

Current Price Analysis

Currently trading at $0.00001508, SHIB is facing key resistance levels, such as the 20-day SMA at $0.00001715 and potentially $0.00002 if market conditions improve. Analysts and market watchers foresee a possible resurgence, with short-term targets set between $0.00003 and $0.000045, contingent on market movements and investor sentiment.

Market Sentiment 

In a notable development, Shiba Inu’s supply has been significantly reduced following the burning of 360.35 million coins over the past week, resulting in a 418% increase in the weekly burn rate. Market sentiment is shifting as the total supply is now estimated at 589.27 trillion SHIB. Additionally, the Shiba Inu community has burned 3.84 million tokens.

While SHIB’s price trajectory has faced challenges, the surge in burn rate and the broader industry recovery are viewed as promising signs.

Read Also: Is The Memecoin Rally Over As MEMEAI And PEPE Tokens Hint A 30% Plunge?

Do your own research before investing, but with the burn rate on fire and new features on the horizon, SHIB could be a project to keep an eye on.

SOURCE

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