- A market watcher projected a potential +70% rally for SHIB.
- Despite recent traction, interest in the memecoin dropped slightly.
As a seasoned researcher with years of experience in the crypto market under my belt, I find myself intrigued by the latest developments surrounding Shiba Inu (SHIB). The recent projections suggest that SHIB could potentially rally by 70%, which is certainly music to the ears of investors. However, my personal experience tells me to tread cautiously and not get too carried away by such predictions.
Shiba Inu’s [SHIB] value has benefited from the memecoin traction seen since September.
According to Decentral Park Capital’s head of research, Kelly Ye, the dominance tipped SHIB alongside other memecoins to outperform Bitcoin.
“WIF, PEPE, BONK and SHIB all outperformed BTC and the benchmark CoinDesk 20 Index over the month.”
Another market watcher projected that SHIB was poised for even more gains and could eye its 2022 resistance levels near $0.00003260.
As a researcher, I’m excited to share my insights about SHIB. I believe that the Shiba Inu token could be approaching the price point of $0.00003260 sooner than many anticipate. We’re currently witnessing the beginning of what I call the “Memes Super Cycle,” a period where meme-based cryptocurrencies are expected to experience significant growth and adoption. Keep an eye on SHIB, as it could be a promising investment opportunity!
If the target is hit, SHIB could grab an extra 70% potential gains.
SHIB’s on-chain metrics suggest…
In September, Shiba Inu (SHIB) saw exceptional growth, notably attracting significant attention from large investors or ‘whales’, as indicated by the surge in whale-related transactions, highlighted in yellow.
During the same timeframe, the number of daily active addresses (shown in blue) reached a new peak for the month, indicating a surge in both network expansion and user engagement.
To put it another way, the memecoin experienced a surge in popularity in September, which fueled its rise. Nevertheless, these same indicators of popularity seemed subdued in October.
As we speak, it’s worth noting that the number of daily active Shiba Inu (SHIB) addresses has dropped below the levels seen in August, suggesting a diminished level of enthusiasm for this cryptocurrency.
This might delay a strong rebound unless Bitcoin [BTC] clears the $70K psychological level.
From a traders’ positioning perspective, smart money on Binance trimmed long positions after doubling down on the memecoin last week.
As I write this, the proportion of Shiba Inu (SHIB) positions held as long-term investments stands at 59.5%, a decrease from Monday’s peak of 61%. This shift in ratio underscores a generally bullish sentiment, but with a hint of caution creeping in due to Bitcoin’s slight pullback.
For now, Shiba Inu (SHIB) has successfully held onto a significant trendline support that it established back in September. Should this positive trend persist, SHIB could regain its Q2 price range and potentially rise above $0.000020 in the near future.
Read Shiba Inu [SHIB] Price Prediction 2024-2025
But a crack below it would drag SHIB to the 50-day EMA (exponential moving average) near $0.000016.
To summarize, Shiba Inu’s momentum in September, set against a generally optimistic market backdrop, might propel this meme token to unprecedented heights in the future. Nevertheless, if the market’s enthusiasm wanes, a swift rebound in the immediate term could be postponed.
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2024-10-22 17:11