Shiba Inu (SHIB) Poised for a Potential 300% Rally, Analyst Predicts

The Shiba Inu price might soon see a 300% increase, according to crypto analyst Javon Marks' X article.

Crypto analyst Javon Marks has predicted a potential 300% rally for Shiba Inu, with the meme coin poised to reach the $0.000081 price target. Marks' analysis is based on a Hiden Bull Divergence and the coin's recent breakout, indicating a bullish outlook.

The analysis predicts that SHIB could be gearing up for its “next level” performance, with the price set to surge towards the $0.000081 target. This 300% surge, Marks says, could be coming soon.

Shiba Inu, the second-largest meme coin, has an all-time high (ATH) of $0.000088, making a price surge to the $0.000081 target a significant step towards its former glory. The meme coin is also struggling to keep up with the surging DOGE, which could be driving this SHIB rally.

Over the past week, Dogecoin has seen a 23% increase in its price. Meanwhile, SHIB has only managed to gain a little over 5% during the same time period. Given how SHIB price tends to follow that of DOGE, we could be seeing much higher prices for the meme coin soon.

According to data from IntoTheBlock, there has been a surge in Shiba Inu whale activity with an increase in major transactions of around 4%. This activity shows that whales are accumulating SHIB, which bodes well for its price, especially as a large SHIB rally is expected to occur soon.

These whales have been shifting trillions of dollars’ worth of SHIB tokens in recent days. Notably, these whales traded 2.57 trillion SHIB tokens in 24 hours, while on November 6, they traded 6.39 trillion SHIB tokens, the highest amount they moved in seven days.

Among these increasing whale activities, a massive on-chain transaction was spotted, revealing that one whale had moved $10.4 billion SHIB tokens to the cryptocurrency exchange Coinbase.

This usually signals a decrease in Shiba Inu price as it shows that the whale might be attempting to sell their coins. However, further onchain data revealed that the wallet that received the coins belongs to the leading cryptocurrency exchange, suggesting that they were prepared to handle the massive demand for the meme coin.

According to recent analysis by CoinGape, several SHIB onchain metrics point towards a bullish future for Shiba Inu. This includes the recently one-month-high SHIB price-Daily Active Addresses (DAA) disparity

The above is the detailed content of Shiba Inu (SHIB) Poised for a Potential 300% Rally, Analyst Predicts. For more information, please follow other related articles on the PHP Chinese website!