As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed the rise and fall of countless coins. However, Shiba Inu (SHIB) has managed to captivate my attention due to its meteoric surge in recent times. The meme coin’s performance has been nothing short of spectacular, with a 30% increase over the past month alone.
One way to rephrase the given text in natural and easy-to-read language: Shiba Inu (SHIB), one of the leading meme coins, has been grabbing attention in the world of cryptocurrency. Over the past month, it has surged by more than 30%, attracting both individual investors and analysts. Some experts predict that SHIB could breach a significant resistance level due to a strong community push, which would elevate its market capitalization above $11 billion. If this happens, it could lead to even more growth.
The excitement surrounding Shiba Inu coin largely stems from predictions made by an anonymous analyst known as FOUR. Based on what he refers to as a “supercharged meme coin cycle,” FOUR anticipates that Shiba Inu could reach unprecedented highs. According to his projections, if Shiba Inu manages to break the resistance level of $0.00002169, it might surge up to $0.00003260, implying a potential increase of approximately 71% from its current trading price of $0.00001912.
Shiba Inu (SHIB) is likely to reach the price of $0.00003260 faster than anticipated, as we’re now in the midst of a meme coin super surge! #Shib #MemeSeason #MemeSupercycle
— FOUR | Crypto Spaces (@X_Four_iv) October 19, 2024
Shiba Inu: Major Resistance Level At $0.00002169
Currently, the significant resistance level at $0.00002169 is drawing attention among traders and experts. This price point was challenged during the market surge in late September but was ultimately rejected. However, the current upward trend of SHIB has sparked optimism that this hurdle may be overcome soon. Analysts posit that if SHIB manages to exceed this level, it could trigger a swift price increase fueled by ongoing backing from its large community.
4’s research aligns with this viewpoint. He highlights the latest close of the weekly candle, suggesting that SHIB may soon surmount its current challenges. If SHiba Inu manages to break through the resistance, it could see a significant surge in value due to the increasing positive momentum.
Retail Investors Promoting The Rally
It’s primarily the small retail investors who have largely fueled Shiba Inu’s growth. As per CoinMarketCap data, about 90% of SHIB holders own between zero and $1,000 worth of the coin. The coin’s surge in popularity can be attributed to this widespread grassroots backing, making it more adaptable to market fluctuations. The persistent upward trend can be largely attributed to retail investors’ faith in Shiba Inu’s potential for further growth.
This is #SHIB analytics from #Coinmarketcap . The blue colors are owned by retail with $0-$1K bag holders . Almost 10% of holders have $1k-$100K bag value and only .20% have 100K and above SHIB Bag . These belongs to exchange . This is a perfect narrative why SHIB should be an…
— Lola (@CryptoLollla) October 20, 2024
It’s worth mentioning that about one-fourth of the meme coin’s investors have a total value of their assets exceeding $100,000. Although they are few in number, this demographic plays a significant role within the ecosystem and may encompass liquidity providers, exchanges, or other influential parties.
Positive Viewpoint In Spite Of Volatility
Despite its rocky past, certain market experts envision a promising trajectory for Shiba Inu. The strong backing from its community and the broader meme coin trend could potentially boost SHIB in the upcoming weeks. FOUR predicts an approximate rise of 71%, contingent upon overcoming significant milestones.
Observers, particularly investors, will keenly watch as Shiba Inu attempts to maintain its upward momentum and overcome any hurdles along the way.
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2024-10-22 16:34