Shiba Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target

Share This Post

A lot of limelight has been seen recently on Shiba Inu (SHIB) making it one of the hottest topics to consider in the cryptocurrency arena. The price of SHIB rose by more than 70% over the past week, to the delight of investors and dealers. The trading volume has surged to as high as 246%, reaching an unprecedented high of $6.18 billion, putting to rest doubt over where SHIB will trend next.

SHIB & The Trump Effect

Analysts however contend that the rise in SHIB can be ascribed to the rampant zeal witnessed in the cryptocurrency space fueled by some recent events in the US, including Donald Trump’s election victory, which has invigorated market sentiment – and his endorsement of Elon Musk for a proposed crypto department once he starts work as president.

Amidst this anticipation, SHIB has set its sights on a rather steep growth curve. Currently situated a notch below where it should be, this degree of undervaluation points to the potential for a sharp uptrend within a few days from now. In the medium term, SHIB’s price forecast is rather optimistic given the projected 91.16% increase in the price over the next 6 months. This suggests that this meme token could be on an upward trajectory for quite some time as it cements its position among the leading crypto assets.

Market Sentiment On The Rise

The cryptocurrency landscape, on the other hand, paints a much broader and more optimistic picture, thereby raising a lot of expectations around SHIB. Market experts believe that the victory of Trump has created a market euphoria that complements the rally of Bitcoin and the rest of the digital assets and helps in the upward trajectory of SHIB.


Whale Activity Indicates Interest

Apart from market mood, on-chain data shows an increase in activity by important SHIB holders, known as “whales.” Data by IntoTheBlock shows that early November saw a notable rise in the volume of these high-value transactions—6.47 trillion SHIB overall.

A high level of whale activity typically indicates a strong interest from significant investors, as they position themselves for potential future gains. An indicator that SHIB may be in for another round of price jumps is this pattern of accumulation among large participants.

SHIB’s Route To A Significant Price Target

Meanwhile, market observers are currently focusing on a potential target of $0.00081, which would represent a 306% increase from current levels, following recent technical breakouts and a confirmed concealed bullish divergence on the charts.

Featured image from DALL-E, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout

The Dogecoin price recently surged 20% after President-elect Donald Trump announced the formation of a new Department of Government Efficiency (DOGE) to be led by Elon Musk and Vivek Ramaswamy

Donald Trump-backed DeFi project leans on Chainlink amid criticism and unmet financial goals

World Liberty Financial (WLFI), a DeFi project backed by US President-elect Donald Trump, has partnered with Chainlink to accelerate DeFi adoption This new alliance, announced on Nov 14, names

Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season?

The post Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season appeared first on Coinpedia Fintech News A popular analyst believes Ethereum (ETH) will continue to have a strong

Royal Government of Bhutan Deposits 365 BTC Worth $33.31M to Binance

The post Royal Government of Bhutan Deposits 365 BTC Worth $3331M to Binance appeared first on Coinpedia Fintech News In this rapidly evolving cryptocurrency landscape, Bhutan is gaining significant

Spot Bitcoin ETFs Record a Staggering $8B in Daily Volume—Market Gripped by ETF Frenzy

US spot bitcoin and ether exchange-traded funds posted another day of gains on Wednesday, with the leading crypto asset holding strong above the $90,000 mark Bitcoin ETFs Soar: Blackrock, Fidelity

Cardano Founder Hints At Ripple Partnership – What Could This Mean for Crypto?

Executives of two prominent cryptocurrencies are in the exploratory stage of a possible partnership between the two crypto platforms If it pushes through, it might set an example and pave the way for