A Shiba Inu (SHIB) price increase of 7% was noted over a period of 24 hours and it was not anticipated.
This increase appears to have added in strengthening the bullish gains as it was able to record a 13% increase over the past week, which allowed the platform to trade at $0.000024.
SHIBA Inu (SHIB) On-Chain and Price Analysis
At the start of the year, notable analyst Javon Marks had predicted a whopping increase of 264% for SHIB which could potentially reach $0.000081.
He states that this value is possible if ‘textbook bull signals’ appear. Besides this, Marks also expects an increase of 585% that would take SHIB to $0.00015 at the cycle peak.
It is worth noting that there has been a spike of approximately 81% within the past 24 hours in regards to SHIB trading volume with the overall value being $980 million at the time of writing this article.
In this category, Binance also leads with the SHB/USDT pair reaching 171 million in volume while the SHIB/TRY pair is 8.46 million.
The SHIB/USDC pair, was able to reach $64.8 million on Coinbase, over a 24 hour period while the SHIB/KRW pair was $147 million on the South Korean exchange Upbit.
Currently the price trend is complimented by the 12.6% growth in SHIB Open Interest (OI) which has increased the total tokens held by futures market traders to 22.66 trillion.
This leaves us with the question of what level does SHIB need to cross to reach the levels first set by Marks, we know that there, in order to reach the predicted level
SHIB must reach a market breakeven of at least $0.00029 which seems to be the current strong psychological barrier for the market.
A CNF report suggests that with the shift in trading volume it may enable the price to cross this mark which would mark the beginning of the much anticipated altseason starting.
Economist’s Note – What’s next for the Meme Coin
With a bold move, crypto analyst DeFiStrategist has forecasted that the price of SHIB could reach a whopping $0.00005 by Q2 in 2025. He also mentions that there is a slight chance that this could cross over to $0.0001 by Q4 in the same year.
As ranging market data suggests, the expected uptick due to the sustained burning of tokens could help figure out the expected price of SHIB.
The surge in the activities of whales that has been experienced recently could also have a direct impact. One whale withdrew 220 billion SHIB (roughly $4.63 million) from Binance.
In an attempt to increase the value of the coin and improve its ecosystem, the team behind the token SHIB has set up the WHY Combinator which aims at further developing additional blockchain projects. This has been made possible through the TREAT token and its objectives which we mentioned in our previous report in detail.
