The best recent Shiba Inu price predictions, how high can SHIB go?

TL;DR

Shiba Inu (SHIB) recently hit a three-week high, with some analysts predicting a potential massive bull run, although very ambitious price targets seem unlikely. The increase in social engagement and positive sentiment on platforms like LunarCrush suggest that the meme currency could see more gains in the near future. Is SHIB ready for new glory days?

The second-largest meme coin by market cap has performed well of late, with its price rising to a three-week high on September 19. In fact, it is among the cryptocurrencies posting the highest rise after the US Fed’s decision to cut. rates by 0.5%.

Some analysts believe the asset has yet to hit new highs, with some describing somewhat ludicrous targets. Not long ago, user X Pepa argued that SHIB’s price chart has formed a specific triangular shape that could be a precursor to a massive bull run if it breaks to the upside. Specifically, the crypto enthusiast speculated that the meme coin could erase two zeros from its price in the near future.

The predicted rally would equate to 10,000%, while SHIB’s market cap needs to soar to roughly $800 billion for the forecast to come true. Currently, only the market cap of Bitcoin (BTC) exceeds this number, which makes the prediction highly unlikely (to say the least).

JAVON MARKS also chimed in, saying that Shiba Inu is still more than 470% away from its bullish target of $0.000081. However, they stated that the recent resurgence could be “the catalyst for a significant upside move” towards this primary target.

The breakout signal?

An essential factor that suggests the Shiba Inu price may be headed for new highs is the growing popularity of the meme currency on social media platforms.

LunarCrush recently estimated that SHIB’s social engagement has soared to its highest point since August 15th. The platform further maintained that trading volume and positive sentiment around the token have also headed north. Prior to this, SHIB’s social engagement was struggling at low levels.

“The level of social discussion towards SHIB has been extremely low since the end of July and has basically been declining all year. This reflects a sense of indifference and frustration among traders, which makes sense in time to understand how many smaller retail traders have dropped the asset like flies,” crypto analytics platform Santiment estimated earlier this month.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!