TL;DR
- Shiba Inu (SHIB) has hit a three-week high, with some analysts predicting a massive bull run, but ambitious price targets seem unlikely.
- Rising social engagement and positive sentiment on platforms like LunarCrush suggest SHIB may see further gains in the near future.
Is SHIB Ready for New Glory Days?
The second-biggest meme coin in terms of market capitalization has performed quite well lately, with its price surging to a three-week high on September 19. In fact, it is among the cryptocurrencies registering the highest increase following the US Fed’s decision to cut rates by 0.5%. Certain analysts believe the asset is yet to reach new peaks, with some outlining somewhat ridiculous targets. Not long ago, an X user argued the SHIB price chart has formed a specific triangular shape that might be a precursor of a massive bull run if broken to the upside.
The projected rally would equal a whopping 10,000%, while SHIB’s market cap must skyrocket to approximately $800 billion for the forecast to happen. Currently, only Bitcoin’s (BTC) capitalization exceeds that figure, making the prediction highly unlikely (to say the least). Javon Marks chipped in, saying Shiba Inu is still over 470% away from hitting its bullish target of $0.000081. However, they claimed the recent revival could be “the catalyst for significant upside movement” toward that major goal.
The Breakout Signal?
One essential factor suggesting the price of Shiba Inu may indeed be headed toward fresh peaks is the rising popularity of the meme coin on social media platforms.
LunarCrush recently estimated that SHIB’s social engagement has soared to its highest point since August 15. The platform further maintained that the trading volume and positive sentiment surrounding the token have headed north. Prior to that, SHIB’s social engagement was struggling at low levels.
“The level of social discussion toward SHIB has been extremely low since late July, and has basically been on the decline all year long. This reflects a sense of indifference and frustration from traders, which makes sense when understanding how much smaller retail traders have been dropping out of the asset like flies,” crypto analytics platform Santiment estimated earlier this month.
Conclusion
The recent surge in SHIB’s price has left many wondering if the asset is ready for a massive bull run. While certain analysts believe the token could potentially erase two zeros from its price in the near future, the ambitious target of $800 billion for SHIB’s market cap seems highly unlikely. Despite the skepticism, SHIB’s rising social engagement and positive sentiment on platforms like LunarCrush suggest that the token may be poised for further gains. With Shiba Inu’s unique features and meme-worthy community, it is unclear if the token’s surge will continue, but for now, investors seem hopeful for the asset’s potential upside.
FAQs
Q: What are the reasons behind Shiba Inu’s recent price surge?
A: Shiba Inu’s recent price surge is attributed to various factors, including rising social engagement, positive sentiment, and a strong increase in trading volume on social media platforms.
Q: Will Shiba Inu continue to surge in value?
A: It is uncertain whether Shiba Inu will continue to surge in value. While the asset has seen a significant increase in price recently, many analysts believe the market capitalization target of $800 billion seems highly unlikely. However, with the growing popularity of Shiba Inu, investors are still hopeful for the token’s potential upside.
Q: What are the future predictions for Shiba Inu’s market cap?
A: According to some analysts, Shiba Inu’s market cap may surpass $800 billion if it continues to rally at a rapid pace. However, this prediction is based on ambitious targets and the uncertainty of the market, and it is uncertain if such a feat will become a reality.
Q: Are there any major market movements that could affect Shiba Inu’s value?
A: Yes, significant market movements can greatly affect Shiba Inu’s value. With a cryptocurrency market as volatile as this, even small market shifts can result in massive swings in the token’s value.
