The Meme Coin market has experienced a notable uptick, rising over 7.5% in the past 24 hours. Several top meme coins have posted gains: Dogecoin increased by 6.7%, Shiba Inu by 6.6%, Pepe by 3.3%, ai16z by 22.8%, Bonk by 7.6%, Pudgy Penguins by 10%, dogwifhat by 9.3%, and FLOKI by 4.8%.
A recent post on X by crypto analyst Javon Marks has sparked enthusiasm among meme coin investors, particularly Shiba Inu supporters. The key question now is: where might Shiba Inu’s price go next?
Over the last six months, Shiba Inu has risen by more than 51.3%, including a growth of at least 5.36% this month.
$SHIB (Shiba Inu) finishing up the year holding a major breakout and coming off of textbook bull signals on lower timeframes!
— JAVON⚡️MARKS (@JavonTM1) December 31, 2024
Holding broken out, the target at $0.000081 goes unchanged and these bull signals can be pointing to a continuation within an over 264% run to reach it! https://t.co/4L9HEciT3a pic.twitter.com/qkmLQURP5u
Javon Marks predicts that Shiba Inu’s price could climb to $0.000081, signaling a potential growth of approximately 260% in the meme coin market.
Over the past year, Shiba Inu has surged nearly 105.1%. Recent data indicates a large holder, or “whale,” withdrew 220 billion SHIB tokens, worth over $4.63 million, from Binance. Such whale activity often highlights increased market interest. At present, SHIB is priced at $0.00002239, with strong resistance identified at the $0.000029 level.
For Shiba Inu to realize its forecasted gains, the market must decisively break through this resistance. Currently, the token trades about 29.52% below this crucial level.
SHIB’s On-Balance Volume now totals $646,316,754,508,567, while its 24-hour trading volume has reached $402,513,481, both pointing to an upward trend in trading activity.
Meanwhile, Bitcoin and Ethereum have shown signs of stabilization. Historically, when major cryptocurrencies stabilize, smaller altcoins often gain momentum.
In summary, the coming months could be transformative for Shiba Inu as it strives to overcome resistance levels and capitalize on growing market enthusiasm.
Saleem Khan