TL;DR
- Analysts predict a significant increase in Shiba Inu price, attributing it to its recent strong performance and a potential breakout above key resistance levels.
- Interest in SHIB is growing, as indicated by increased Google searches and advancements in its ecosystem, such as the Shibarium layer-2 solution.
A 150% price increase on the horizon?
The price of Shiba Inu has seen a decline in recent days, resonating with the broader correction gripping the entire cryptocurrency market.
Recall that Bitcoin (BTC) fell below $66,000 after several consecutive days of recording new all-time highs. The decline sets off several million liquidations, with long traders being the most affected.
Many analysts believe the market will start pumping again soon, describing the correction as a typical “buy the dip” event.
User X JAVON MARKS claims that SHIB has shown “massive strength” lately, recalling its triple-digit price increase on a monthly scale. The analyst predicted that a break above the $0.000081 resistance level could propel a further 147% upside.
“A breakout and holding above $0.000081 could only pave the way for a further +90% rise to $0.0001553,” concluded JAVON MARKS.
Earlier this month, X users Ali and JAKE also presented bullish predictions for SHIB. The last foreseen that the asset could become the largest coin in 2025. Currently, Dogecoin (DOGE), with a market capitalization of over $23 billion, is in first position, while Shiba Inu comes in second with around 19 billions of dollars.
SHIB metrics on the rise
The meme coin's impressive performance in recent weeks, its potential to offer investors the opportunity to make substantial profits, and other reasons could explain why interest in Shiba Inu has increased.
As CryptoPotato reportedthe popularity of the asset (in terms of Google searches) has reached a level not seen since December 2021. The countries most interested in the token are the United States of America, Singapore, Belgium, Canada and Countries -Down.
Shiba Inu's Layer 2 scaling solution – Shibarium – and its burning program have also seen a significant revival. Total transactions on the network surpassed the 400 million mark, while at one point the burn rate skyrocketed by 30,000%.
Those interested in learning how Shibarium can further the advancement of the Shiba Inu ecosystem and its main goals, feel free to watch our dedicated video below:
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