Rising as one of the most successful meme coins, Shiba Inu (SHIB) keeps making headlines in the crypto scene. The meme coin has jumped more than 30% over the past month, pulling in both sales and analytics gains. Some analysts think that SHIB may quickly overcome a large degree of resistance to the public rally that brings a market value of more than 11 billion dollars, making it even more profitable.
This interest is largely driven by a prediction from an anonymous analyst called EZINE. Fueled by what he describes as the “hyper meme coin cycle,” FOUR claims Shiba Inu is poised to hit new heights. FOUR projects that a break above the $0.00002169 resistance level could send the price up to $0.00003260, thus indicating a potential upside of 71% from SHIB, currently trading at $0.00001912.
$SHIB It is marching towards $0.00003260 price much sooner than you expected
A great cycle of Memes has just begun #Shibi #MemeSeason #MemeSupercycle pic.twitter.com/8QXXiE7odd– FOUR | Crypto Spaces (@X_Four_iv) October 19, 2024
Shiba Inu: Major Resistance Level at $0.00002169
For traders and experts, the resistance level of $0.00002169 now takes the front stage. Previously tested in late September, this price point was rejected. But SHIB’s current growth has revived hope that this hurdle will soon be broken. Analysts argue that if SHIB surpasses this level, it could trigger a rapid price increase fueled by continued support from its large population.
Four studies support this view. He points to the close of the recent weekly candle, which means that SHIB is getting closer to overcoming its current obstacles. The Shiba Inu may quickly feel an increase in value if resistance is overcome as positive momentum builds.
Retail Investors Developing a Rally
One may pay more for Shiba Inu’s rise to the level of retail investors. Data from CoinMarketCap shows that nearly 90% of SHIB owners are small investors holding anything from $0 to $1,000. The popularity of the coin has been fueled by this grassroots support, hence increasing its resilience to market changes. The ongoing rally can be attributed to retail investors who believe in SHIB’s future for further expansion.
This #SHIB analytics from #Coinmarketcap . Blue colors are for stores with $0-$1K bag holders. About 10% of owners have a bag value of $1k-$100K and only .20% have 100K and above SHIB Bag. This is for exchange. This is a complete account of why SHIB should be… pic.twitter.com/i7x8D49tUn
— Lola (@CryptoLollla) October 20, 2024
Still, it’s interesting to note that nearly a quarter of meme owners had assets worth more than $100,000. Although rare, this group is important to the ecosystem and can include money providers and exchanges.
A Good Idea Despite the Fluctuations
Although the Shiba Inu has a history of instability, some market analysts see a bright future for it. Community-driven support for the currency and the large circulation of the meme coin may increase SHIB in the coming weeks. A fourth rate increase of 71% depends on breaking important barriers.
Investors will be watching closely to see if the Shiba Inu can sustain its growing momentum and clear obstacles in its path.
Featured image from Katerina_Brusnika//Getty Images, chart from TradingView