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Experts are convinced that Shiba Inu may increase in value due to the positive outlook of cryptocurrency.
Donald Trump’s victory in the recently concluded US election brings waves of optimism to the cryptocurrency market that SHIB Inu can ride on to increase the price by 306%.
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Shiba Inu: Growth Explosive
A market analyst has predicted that the price of Shiba Inu could increase by at least 306%, as the entire cryptocurrency market continues to overextend due to the results of the US election.
In a post, analyst Javon Marks said it may reach the $0.00081 mark, adding that this price increase is imminent for the meme coin and is predicted to happen soon.
Still fresh off of Hidden Bull Divergence and Broken Hold, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, could be ready for its next level performance at $0.00081!
This target is currently 306% away and pushing… pic.twitter.com/DwklAFs8zj
— JAVON⚡️MARKS (@JavonTM1) November 8, 2024
“Still fresh out of a confirmed Hidden Bull Divergence and a broken hold, $SHIB (Shiba Inu), amid a roaring Bitcoin market, could be ready for its next level performance at $0.00081,” Marks said.
The data showed that the meme coin formed a Hidden Bull Split pattern. Reports explained that the Hidden Bull Divergence is a bullish indicator that usually occurs before a price rally.
In addition, analysts say that the cryptocurrency has already broken a consolidation phase that may enhance the bullish view of the meme coin.
Shiba Inu Bitcoin Relationship
Analysts have pointed out that there is a relationship between the price movement of the Shiba Inu and Bitcoin, saying that any price movement in Bitcoin may mean movement in the price of the meme coin.
It’s a correlation that many analysts have observed as Bitcoin prices rise on the back of newfound optimism in the crypto market as a whole.
In previous reports, analysts have discussed that the Shiba Inu tends to follow the movement of the price of Bitcoin, indicating that there is a strong correlation between the two cryptocurrencies.
They noticed that whenever Bitcoin falls, the price of meme coin also falls. Therefore, any significant increase in Bitcoin can propel the Shiba Inu to significant growth.
Many market observers are predicting that Bitcoin is on the way to a big price increase and in the past few days, the first crypto has been hitting the highest price per coin. Therefore, the predicted price movement of BTC may also push the Shiba Inu to its predicted value.
We are not even close to a complete prediction of my crypto MC. Will it get there? It seems possible and possible imo.
$10T+ $SHIB .0002 possible$BONE $50-$100$LEASH $15k-$20k $ETH $17k+$BTC $250k excellent case condition$CRO $2.70$DOGE $2.70-$5
There may be many “projects” out there…
– HorBull™ (@HorBull) November 6, 2024
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$118 Billion Market Cap Seen
Meanwhile, analysts have suggested that Shiba Inu’s market capitalization will increase and the price will increase by 950% once the global cryptocurrency market valuation reaches the 10 billion mark.
Market analysts say that in the event of a market cap of $ 10 trillion, the meme coin will be sold at $ 0.0002 and increase its market capitalization to $ 118 billion.
As of writing, the total global market capitalization of the crypto sector has topped $2.61 trillion and Shiba Inu’s current market cap is estimated at $11.21 billion.
Featured image from Chewy, chart from TradingView