Despite having a good year in 2024, the Shiba Inu price has yet to beat its previous all-time high price of $0.00008. This has sparked speculations of whether the meme coin would be able to reach new milestones such as $0.0001. In regards to this, a crypto analyst has unveiled a brand new analysis and prediction that puts the Shiba Inu price 300% higher than it currently is, at a new all-time high price.
Shiba Inu Price Can Reach $0.0001
Shiba Inu community member Shib Knight shared an analysis that has raised the hopes of investors. This analysis shows what looks to be support for Shiba Inu already being formed at around $0.000025. From here, it is possible for the meme coin’s price to bounce and rally.
The target laid out by the crypto analyst puts the SHIB price at above $0.0001. This is a price target that was called for in the 2021 bull market, but the meme coin had failed to reach it. Instead stopping at $0.00008 before crashing around 90% in the bear market.
However, it seems that Shiba Inu has finally gathered enough momentum to retire at this level once more. According to Shib Knight, the price will rise the almost 350% required to reclaim this level. But that is not the most interesting thing about this prediction.
The time frame suggests by the crypto analyst for when this will happen is what has caught the attention of crypto investors. If the analyst is correct, then the Shiba Inu price would be sitting above $0.0001 sometime this June.
$SHIB to 0.0001 this June!
Why not? 👀🚀 pic.twitter.com/sLh2TXIVzU
— $SHIB KNIGHT (@army_shiba) June 3, 2024
SHIB Holds Up Well Amid Market Crash
One thing that has shone through for Shiba Inu is its ability to retain a good portion of its value even as prices are crashing. Over the last day, the Bitcoin price has fallen below $69,000 once more, taking the market down with it. Many cryptocurrencies have notched double-digit losses in the last week as a result of this, but not all have suffered this fate.
More specifically, meme coins such as BONK and PEPE have suffered notable losses, with the former falling more than 22.5% and the latter seeing 14.6% losses. Likewise, others such as FLOKI and Dogwifhat have seen their losses cross 10%.
However, Shiba Inu maintains one of the lowest loss rates, falling only behind Dogecoin in top meme coins. While Shiba Inu has fallen only 6.2% during this time, Dogecoin has fallen 5.3%. This makes the top mee coins the strongest when it comes to weathering a market crash.
Featured image created with Dall.E, chart from Tradingview.com
