Top Bitcoin Investor Predicts 1,105% Price Jump for SHIB Price; Here’s Why

Shiba Inu has been grabbing headlines lately. A whopping 17 trillion tokens have changed hands in just a week, signaling a flurry of on-chain transactions and injecting some excitement into this popular digital asset. Amongst all this action, analysts are whispering about a possible upswing in Shiba Inu’s fortunes in the weeks ahead.

Read on to find out what the experts are saying.

Analyzing Historical Patterns

One voice in this conversation is Moataz “Eljaboom” Elsayed, a well-known Bitcoin investor who’s also earned a spot in Forbes’ 40 under 40 list. Eljaboom has a bold prediction: he thinks Shiba Inu’s price could climb to $0.00024 if history repeats itself.

In a recent tweet, Eljaboom took a deep dive into Shiba Inu’s price movements, especially focusing on its journey since mid-2021.

From Highs to Lows and Back Again

Let’s rewind to May 2021, a pivotal moment for Shiba Inu. After getting listed on Binance, the token shot up to $0.00005 before settling at $0.00001995. This surge marked an impressive 343.64% increase, pushing SHIB to its peak of $0.00008854 by October 2021.

But then came the bumps in the road, like the Terra ecosystem collapse in May 2022, which shook Shiba Inu and the wider crypto market.

SHIB fell below its established support range, turning it into a resistance zone. For 95 weeks, the token struggled to break through this barrier until a decisive breakout in March this year, which saw a 374% surge to a yearly high of $0.00004567.

Is There Still Any Hope?

Amidst the recent volatility surrounding Shiba Inu, Eljaboom’s analysis suggests a potential surge, mirroring its past performance. He thinks Shiba Inu could rise by 1,105% from its current price of $0.00002329 to $0.00024, effectively eliminating another zero from its price. Such a milestone would propel Shiba Inu’s market cap to an impressive $141.6 billion.

Current Market Scenario

Furthermore, CryptoQuant’s data indicates that Shiba Inu Exchange Reserve surged to 154 trillion tokens in May, underlining investor confidence in the token’s potential.

As of now, Shiba Inu is trading at $0.00002329, reflecting a slight increase of 0.43% in its price. Despite this price increase, the trading volume has declined by 4.5%, which is hovering around $473 million. Shiba Inu’s market capitalization stands at $13.7 billion amidst these fluctuations.

With the stage set for potential fireworks in the coming weeks, all eyes are on Shiba Inu.

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