Shiba Inu: A Rival to Dogecoin

Shiba Inu, often referred to as the 'DOGE killer', emerged as a significant player in the meme coin world. Despite being a strong contender and maintaining its position close to Dogecoin, Shiba Inu faced speculation in 2021 due to a notable figure predicting a substantial price increase.

Shiba Inu’s Price Trajectory

Moataz “Eljaboom” Elsayed, a prominent candidate on Forbes’ 40 under 40 list, made predictions about Shiba Inu's potential. Eljaboom's forecast hinted at a price target of $0.00024 for Shiba Inu, prompting a closer look at the coin's price movements.

In May 2021, Shiba Inu achieved a significant milestone by getting listed on the Binance exchange. This listing marked a turning point for SHIB, leading to a remarkable price surge to $0.00005. However, the price retreated to $0.00001995 shortly after. The all-time high (ATH) for SHIB was reached in October 2021 at $0.00008854.

Nevertheless, the price faced a downward trend thereafter, especially during the Terra events in May 2022, causing SHIB to drop below the $0.00001784 support level. This support turned into resistance and posed a challenge for Shiba Inu for an extended period.

In March 2024, Shiba Inu broke through this resistance level, witnessing a substantial 374% surge in price. This surge propelled the price to a peak of $0.00004567.

Shiba Inu’s Potential Growth

According to Eljaboom's analysis, Shiba Inu has the potential to increase its price by more than 1,000% from its current level of $0.00002176, suggesting the elimination of one significant digit. This surge could elevate SHIB's market value to $141.6 billion.

Investors are advised to consider the possibility of Shiba Inu riding alongside a potential Bitcoin bull run, which could further boost its price. However, fluctuations in the market, driven by economic and political events, could dampen these expectations. It is crucial for investors to monitor global market movements, especially those related to Bitcoin.

This analysis was originally published on CoinTurk News.