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Contrary to the recent general market revival, the popular memecoin Shiba Inu (SHIB) continues to underperform compared to the market. SHIB price fell by 8% weekly, dropping its market value below $15 billion, causing increased investor concerns. However, some industry participants believe the coming months will be quite successful for what is claimed to be the killer of Dogecoin and foresee impressive gains.
What’s Happening with SHIB?
Social media platform X user Mags shared a price chart with followers, indicating that the memecoin’s value could surpass its all-time high of $0.00014 by September this year. They also warned investors that the current level might be the last chance to buy SHIB before it rises.
The analyst pointed out $0.00002100 as a significant resistance level and admitted to buying SHIB at around $0.00000950 at the beginning of 2024. Due to the token’s bull run in the past few months, their investments increased by 165%.
CryptoYoddha is also among the experts expecting a bullish trend and predicts the price will rise to $0.000075 by the end of 2024, which means a 200% increase from the current valuation. The analyst believes SHIB won’t be the only memecoin to surge in the coming months and sees a bright future for Pepe (PEPE) and Dogecoin (DOGE).
Notable Details for SHIB
Shiba Inu’s recent price drop occurred despite increased activities from large investors. As previously reported, on June 5, a whale accumulated over 715 billion SHIB, while two other whales purchased an astonishing 1.35 trillion tokens. Whale activity is generally seen as a move that can create positive investor sentiment. This development could lead to more people buying SHIB and thus a price increase.
On the other hand, if whales decide to sell their assets, it could lead to sharp declines. After all, the basic principles of economics state that prices tend to rise in scarcity and increased demand, not in abundance.
