2024-9-30 00:45 |
Shiba Inu has been shining this week. The second-largest meme coin emerged as the top gainer in a roundup of the top 10 crypto assets, with an impressive 36% gain over the past week.
The latest surge comes after a strong rally since Wednesday, when the price broke and closed above key resistance at $0.000015 earlier in the week, surging as high as 0.0000277 on Friday.
In a tweet on Friday, crypto analytics platform Santiment highlighted this momentum, noting that trading volume, circulation, and whale transactions have all reached 10-week highs. However, the firm warned that an increase in social dominance suggests that fear of missing out (FOMO) is driving significant interest in SHIB, raising the likelihood of a local price peak.
This recent price action has ignited a wave of positive sentiment from analysts, who are now projecting higher prices for the popular meme coin.
In a video analysis on Friday, Crypto analyst Austin Hilton expressed his excitement about SHIB’s performance, likening its current trajectory to its remarkable surge in October 2021, when it skyrocketed by 1,005%.
“Shibu is absolutely on fire rocketing up.” Hilton noted, emphasizing that current market conditions resemble those from two years ago, where FOMO played a pivotal role in SHIB’s dramatic price increase to its all-time high of $0.00008845.
He further emphasized that while “nobody knows” if the same phenomenon will repeat, the upcoming months historically present favorable trading conditions.
Another analyst, Oscar Ramos, echoed this optimism in a separate video analysis, asserting that Shiba Inu (SHIB) is on the cusp of a major breakout. “If you’re holding Shibu, be bullish!” he declared, underscoring that SHIB is “not dead” and ready for a resurgence.
He drew parallels between recent price movements and the significant rally of 2021, suggesting a similar pattern could unfold.
“We haven’t seen SHIB at four zeros in ages—this could be a pivotal moment,” he noted projecting a 750% increase price from current levels.
Furthermore, the pundit highlighted a significant burn event on Friday, where over 1.8 billion SHIB tokens were sent to a dead wallet, effectively burning them from circulation.
“It’s been months since we’ve seen a burn of this magnitude, which is crucial for increasing scarcity and potentially driving up the price,” he stated.
Notably, this move has sparked speculation within the community, with many hoping that major exchanges like Binance might be involved in testing new burn mechanisms.
At press time, SHIB was trading at $0.00001962, reflecting a 1.96% surge over the past 24 hours.
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