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Notably, since hitting a high of $0.000045 in March 2024, the second-largest coin has remained in a sideways trend, down 8.9% over the past 30 days, even as other cryptocurrencies, such as XRP, have soared.
Despite this apparent stagnation, optimism about the future of the Shiba Inu continues to grow among market analysts. Popular crypto analyst Alan Santana recently shared his bullish outlook on SHIBsuggesting a potential increase of 600%.
In his analysis, Santana focused on a medium-risk trade setup, with SHIB entry levels at $0.00002000 and stretch targets up to $0.0001396 and beyond, highlighting highlights a potential profit opportunity of 632%.
“The Shiba Inu chart and its bullish bias remain intact. We had six days of bearish action that did nothing to change the big picture, its smaller picture, and the long-term trajectory of SHIBs; we go up. » he declared.
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Santana further noted that SHIB is poised to follow the uptrends of assets like XRP and ADA, which have broken out in recent weeks.
“A bullish wave at the end of 2024 that led to a correction has ended, and we are now seeing a continuation of the bullish trend. Santana addedsignaling renewed investor enthusiasm for SHIB.
Similarly, analyst “Cryptoe Elites” predicted a 10x rally for SHIB, setting a target of $0.00023. Sharing his information with his 247,000 followers on X, he highlighted a potential breakout from a bullish triangle pattern visible on SHIB’s weekly chart.
As these bullish predictions gain traction, SHIB has faced notable competition in the meme token space. Over the weekend, the recently launched TRUMP meme token briefly overtook SHIB in terms of circulating market value, securing the spot as the second largest meme token on the blockchain.
Earlier on Sunday, on-chain data revealed that TRUMP’s market value exceeded $14.8 billion, surpassing SHIBThat’s $12.6 billion. Despite this rivalry, the Shiba Inu community remains optimistic, reinforced by several promising developments.
A significant factor fueling optimism is the recent launch of the TREAT token. Announced as Shibarium’s utility and governance token, TREAT aims to unlock advanced features within the network-state operating system. On Monday, SHIB lead developer Shytoshi Kusama urged the community to remain patient and focus on ecosystem tokens like TREAT amid distractions like the TRUMP token.
Are you ready for memes with a REAL utility yet? No? Okay, let’s give it a few more days, then WE’ll show you how to do it..” Kusama tweeted reinforcing Shiba Inu’s commitment to providing real value.
Adding to the bullish sentiment, whale activity around SHIB has increased. Earlier this month, a speech on whales withdrew 220 billion SHIB (worth $4.63 million) from Binance after five months of inactivity. Such accumulation by large holders often indicates confidence in the future price movement of an asset.
At press time, SHIB was trading at $0.0000207, reflecting a 0.45% rise over the past 24 hours.