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Tuesday, May 21, 2024

Shiba Inu (SHIB) Might be Gearing up for Another Triple-Digit Rally: Here’s Why

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  • Analysts forecast a significant price increase for Shiba Inu, attributing it to its strong recent performance and a potential breakout above key resistance levels.
  • Interest in SHIB is growing, as indicated by rising Google searches and advancements in its ecosystem, like the Shibarium layer-2 solution.

150% Price Surge on the Horizon?

Shiba Inu’s price has been experiencing a downfall in the past few days, resonating with the broader correction reigning in the entire cryptocurrency market.

Recall that Bitcoin (BTC) dipped below $66,000 after several consecutive days of recording new all-time highs. The decline triggered multi-million liquidations, with long traders being the most affected.

Numerous analysts believe the market will soon start pumping again, describing the correction as a typical “buy the dip” event.

The X user JAVON MARKS claimed that SHIB has shown “massive strength” as of late, reminding about its triple-digit price increase on a monthly scale. The analyst predicted that a breakout above the resistance level of $0.000081 could propel an additional 147% surge.

“A break and hold above $0.000081 may only open up room for another +90% upside to $0.0001553,” JAVON MARKS concluded.

Earlier this month, X users Ali and JAKE also laid out bullish SHIB predictions. The latter forecasted that the asset could become the biggest meme coin in 2025. Currently, Dogecoin (DOGE), with a market capitalization of over $23 billion, is first, while Shiba Inu comes second with approximately $19 billion.

SHIB Metrics on the Rise

The meme coin’s impressive performance in the past weeks, its potential to offer investors the chance to make substantial profits, and other reasons might explain why the interest in Shiba Inu has been growing.

As CryptoPotato reported, the asset’s popularity (in terms of Google searches) spiked to a level unseen since December 2021. The nations most interested in the token are the United States of America, Singapore, Belgium, Canada, and the Netherlands.

Shiba Inu’s layer-2 scaling solution – Shibarium – and its burning program have also experienced significant revival. Total transactions on the network surpassed the 400 million mark, while at one point, the burn rate skyrocketed by 30,000%.

Those willing to learn how Shibarium can foster the advancement of the Shiba Inu ecosystem and its main purposes, feel free to watch our dedicated video below:

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