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Sunday, July 14, 2024

Shiba Inu Price Predictions as SHIB Explodes 100% Weekly

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TL;DR

  • Shiba Inu has experienced significant price increases recently, with optimistic predictions for further gains.
  • Discussions around meme coins like SHIB and DOGE are heating up, with various individuals offering differing opinions on which is the better investment, amidst forecasts of continued bullish trends in the cryptocurrency market.

How High Can SHIB Go?

The second-largest meme coin caught the recent green wave in the cryptocurrency sector, being one of the market’s best performers. Its price has ascended by over 100% on a 7-day scale and 125% monthly (per CoinGecko’s data).

Some industry participants believe the rally is nowhere near its end, envisioning further gains. The crypto enthusiast with hundreds of thousands of followers on X – Altcoin Sherpa – recently shared a chart depicting that SHIB’s valuation has been pumping alongside Dogecoin (DOGE).

The analyst assumed that the meme coins would record similar price trajectories in the following months, given their respective market caps.

“This will do big numbers eventually but will act more as a big cap vs. a meme (because it is),” Altcoin Sherpa predicted.

Subsequently, he forecasted solid performance for both assets but advised traders not to expect 5,000x increases.

Another crypto enthusiast who presented a chart showing that DOGE and SHIB have followed each other’s steps is Honey. The post on X caused a heated discussion, with users contemplating whether the first-ever meme coin is a better trading option than its rival. Honey gave their preference for DOGE, while others claimed WIF, FLOKI, or PEPE are a much better choice than the leaders in the realm.

Those willing to take a more thorough look at the different meme coins, their specifications, and risks, feel free to check our dedicated video below:

The SHIB Prediction That Came True

One trader who successfully forecasted Shiba Inu’s price ascent is the X user SHIB KNIGHT. On February 22, the analyst predicted that the meme coin’s value was on the verge of a breakout, envisioning a 50% increase in a week. Recall that SHIB hit a one-year high at the end of February.

The current bullish environment in the cryptocurrency space, among other factors, suggests that the asset’s value might continue its uptrend. As such, it would be interesting to follow what the market has to offer in the near future.

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