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HomeCryptoCould Shiba Inu Hit $0.0001 Soon?

Could Shiba Inu Hit $0.0001 Soon?

The largest whale of the Shiba Inu suddenly moved 30 million USD SHIB

Throughout 2024 so far, the Shiba Inu coin has been one of the more dominant meme coins in the cryptocurrency market. Following the approval of the Bitcoin Spot ETF and key updates to Shibarium, SHIB has made a splash in the markets, only recently slowing its surge and coming back down to earth.

Despite a slight decrease over the past 24 hours, the Shiba Inu is still up 4% over the past seven days and up nearly 12% since the beginning of May. Its market capitalization has also increased over the past month, now standing at nearly $15 billion. With hype reaching a near all-time high surrounding the dog-themed currency, SHIB price predictions are trending upward.

What do analysts see in the Shiba Inu’s current chart?

Analysts are pointing to a positive triangle on the recent SHIB chart, suggesting continued price growth. SHIB price is currently in an ascending triangle pattern and is almost at the bottom.

Typically, ascending triangles represent investor interest and accumulation. The Shiba Inu could break out if the market structure holds and prices rise as high as 32% to around $0.000036.

At the time of writing, the Shiba Inu is trading at $0.00002539. The coin is above the average on the simple moving average (SMA) chart, showing a bullish signal. Despite this price hype, trading volume is down 40% in the past 24 hours.

A sustained increase in trading volume and price is often the best indicator of an upcoming price increase, however, despite falling trading volumes, investors remain largely bullish on the cryptocurrency from SHIB.

Coinbase Futures recently announced support for SHIB perpetual futures, with trading commencing on May 30, 2024. Furthermore, Shibarium expects more updates in the coming weeks, including a potential airdrop, which would add to the hype. Therefore, it is certainly possible for the Shiba Inu to reach as high as 0.0001 USD in the near future.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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