Despite a strong performance in 2024, the Shiba Inu price has yet to surpass its all-time high of $0.00008. This has led to speculation about the possibility of the meme coin reaching new milestones like $0.0001.
In this context, a crypto analyst has presented a new analysis and prediction that anticipates a 300% increase in the Shiba Inu price, reaching a new all-time high.
Shiba Inu's Potential to Reach $0.0001
Shiba Inu community member Shib Knight shared an analysis that has buoyed investors' optimism. This analysis suggests that support for Shiba Inu has formed around $0.000025. From this level, the meme coin's price could potentially rebound and rally.
The target set by the crypto analyst places the SHIB price above $0.0001. This target was initially mentioned during the 2021 bull market, but the meme coin failed to reach it, peaking instead at $0.00008 before plummeting by 90% during the bear market. However, it appears that Shiba Inu has finally gained sufficient momentum to challenge this level once more.
According to Shib Knight, the price will need to rise by almost 350% to recapture this target. But this is not the most intriguing aspect of this prediction.
The timeframe provided by the crypto analyst for this eventuality is what has captured the attention of crypto enthusiasts. If the analyst is accurate, the Shiba Inu price will exceed $0.0001 this June.
Amidst a Market Downturn, SHIB Remains Resilient
One notable feature of Shiba Inu has been its ability to preserve a significant portion of its value during market downturns. In the past day, the Bitcoin price has once again fallen below $69,000, dragging the market along with it. As a result, numerous cryptocurrencies have experienced double-digit losses in the last week, but not all have faced the same fate.
More specifically, meme coins like BONK and PEPE have experienced severe losses, with the former dropping by over 22.5% and the latter by 14.6%. Similarly, others such as FLOKI and Dogwifhat have seen losses exceeding 10%.
However, Shiba Inu has maintained one of the lowest loss rates, trailing only Dogecoin among the top meme coins. While Shiba Inu has declined by only 6.2% during this period, Dogecoin has fallen by 5.3%. This positions meme coins as the most resilient assets in the face of a market downturn.
SHIB whales push price up | Source: SHIBUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com
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