Experts are confident that Shiba Inu could potentially undergo a massive price surge on the back of a positive overall outlook on cryptocurrency.
Donald Trump’s victory in the recently concluded US election brings waves of optimism in the cryptocurrency market which SHIB Inu can ride on to propel it to a 306% price hike.
Shiba Inu: Explosive Growth
A market analyst predicted that the price of Shiba Inu could soar by at least 306%, as the entire cryptocurrency market is going on an overdrive excited by the results of the US elections.
In a post, analyst Javon Marks said that it could potentially hit the $0.00081 mark, adding that this price surge is imminent for the meme coin and being forecasted to happen really soon.
Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target!
This target’s currently over 306% away and a push to… https://t.co/0ySjEfPQgF pic.twitter.com/DwklAFs8zj
— JAVONMARKS (@JavonTM1) November 8, 2024
“Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target,” Marks said.
Data showed that the meme coin has formed a Hidden Bull Divergence pattern. Reports explained that the Hidden Bull Divergence is a bullish indicator that usually occurs before a price rally happens.
Moreover, analysts said that the cryptocurrency has already breached the consolidation phase which could beef up the bullish outlook for the meme coin.
Shiba Inu-Bitcoin Relationship
Analysts pointed out that there is a relationship between the price movement of Shiba Inu and Bitcoin, saying that any price movement with Bitcoin could also mean price movement for the meme coin.
It is a correlation being monitored by many analysts as Bitcoin prices are soaring on the back of the newfound optimism on the overall crypto market.
In previous reports, analysts discussed that Shiba Inu usually trails the price movement of Bitcoin, showing that there is a strong correlation between the two cryptocurrencies.
They noted that whenever Bitcoin collapsed, the meme coin’s price also went down. Hence, any massive hike in Bitcoin could propel Shiba Inu into exponential growth.
Many market observers are predicting that Bitcoin is on track for a massive price surge and in the last few days, the firstborn crypto has been hitting an all-time high price per coin. Therefore, BTC’s predicted price movement could also push Shiba Inu to its projected price.
We aren’t even close to my crypto total MC prediction. Will it get there? Seems possible and likely imo.
$10T+ $SHIB .0002 likely$BONE $50-$100$LEASH $15k-$20k $ETH $17k+$BTC $250k best case scenario$CRO $2.70$DOGE $2.70-$5
There may be a lot of “projects” out there…
— HorBull (@HorBull) November 6, 2024
$118 Billion Market Cap Seen
Meanwhile, analysts suggested that the market capitalization of Shiba Inu would soar and its price would increase by 950% once the market valuation of the global cryptocurrency reaches the $10 trillion mark.
Market commentators said that if the $10 trillion market cap happens, the meme coin would be traded at $0.0002 and elevate its market capitalization to $118 billion.
As of writing, the total global market capitalization of the crypto sector is pegged at $2.61 trillion while the current market cap of Shiba Inu is about $11.21 billion.
Featured image from Chewy, chart from TradingView
Source: NewsBTC