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HomeNewsPotential 500% Surge for Shiba Inu: Surprising Metric Points to SHIB Price...

Potential 500% Surge for Shiba Inu: Surprising Metric Points to SHIB Price Explosion

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  • Shiba Inu’s remarkable growth and resilience have solidified its position within the top ten cryptocurrencies, backed by a significant increase in trading volume and market value.
  • Analyst Ali Martinez highlights a potential bullish breakout for SHIB, with a critical resistance level at $0.000038, paving the way for significant gains if sustained.

Shiba Inu (SHIB) has recently cemented its position within the top ten cryptocurrencies by market cap, sparking widespread discussions among crypto enthusiasts and investors alike. This meme coin, known for its vibrant community and dog-themed branding, has shown remarkable resilience and growth, catapulting it into the limelight of the crypto world.

SHIB U-Turn: Rekt Capital’s Bullish Prediction and Market Rise

Market analyst Rekt Capital has forecasted a promising future for SHIB, suggesting that the coin is on the verge of completing a macro U-shaped reversal following an impressive 200% increase that pushed its value to the $0.00003 mark, that means a 500% surge with its latest predictions.

This prediction comes on the heels of Shiba Inu’s remarkable ascent from the 18th to the 10th largest cryptocurrency, buoyed by a market cap that soared to $5.6 billion.

Despite a slight retreat to the 11th position, SHIB’s momentum remains strong, boasting a 226% gain over the past week, with its price reaching $0.000033 at the time of writing, according to CoinGecko.

This performance underscores Shiba Inu’s growing stature in the crypto market, now standing as the second-largest meme coin with a market value of $19.7 billion.

Surging Trading Volume and Market Dominance

The surge in Shiba Inu’s market presence is further evidenced by its explosive trading volume, which recently surpassed the $20 billion threshold.

This remarkable achievement has allowed SHIB to outpace other leading cryptocurrencies, including Dogecoin (DOGE), Solana (SOL), Binance Coin (BNB), and XRP, highlighting its growing acceptance and use among investors.

Potential Breakout on the Horizon

Adding to the excitement around SHIB’s potential, popular analyst Ali Martinez has shed light on an emerging pattern in the coin’s trading behavior. According to Martinez, SHIB is forming a symmetrical triangle on the 4-hour chart, indicating a possible bullish breakout.

However, he cautioned investors to watch the $0.000033 support level closely, as falling below this threshold could negate the bullish outlook.

The SHIB Army, as the coin’s dedicated community is known, continues to rally behind Shiba Inu, playing a crucial role in its adoption and market penetration.

Their recent calls for a SHIB exchange-traded fund (ETF) by leading asset management firm Grayscale are testament to their unwavering support and belief in the coin’s potential, as ETHNews had earlier detailed.

At the time of writing, the price of SHIB had fallen 1.27% in the last 24 hours, fell to price of $0.00003478. But, this represents an increase of 29.54% over the past 7 days.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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