TL;DR
- Shiba Inu (SHIB) recently hit a three-week high, with some analysts predicting a potential massive bull run, though highly ambitious price targets seem unlikely.
- Rising social engagement and positive sentiment on platforms like LunarCrush suggest the meme coin may see further gains in the near future.
Is SHIB Ready for New Glory Days?
The second-biggest meme coin in terms of market capitalization has performed quite well lately, with its price surging to a three-week high on September 19. In fact, it is among the cryptocurrencies registering the highest increase following the US Fed’s decision to cut rates by 0.5%.
Certain analysts believe the asset is yet to reach new peaks, with some outlining somewhat ridiculous targets. Not long ago, X user pepa argued the SHIB price chart has formed a specific triangular shape that might be a precursor of a massive bull run if broken to the upside. Specifically, the crypto enthusiast speculated that the meme coin could erase two zeros from its price in the near future.
The projected rally would equal a whopping 10,000%, while SHIB’s market cap must skyrocket to approximately $800 billion for the forecast to happen. Currently, only Bitcoin’s (BTC) capitalization exceeds that figure, making the prediction highly unlikely (to say the least).
JAVON MARKS chipped in, too, saying Shiba Inu is still over 470% away from hitting its bullish target of $0.000081. However, they claimed the recent revival could be “the catalyst for significant upside movement” toward that major goal.
The Breakout Signal?
One essential factor suggesting the price of Shiba Inu may indeed be headed toward fresh peaks is the rising popularity of the meme coin on social media platforms.
LunarCrush recently estimated that SHIB’s social engagement has soared to its highest point since August 15. The platform further maintained that the trading volume and positive sentiment surrounding the token have also headed north. Prior to that, SHIB’s social engagement was struggling at low levels.
“The level of social discussion toward SHIB has been extremely low since late July, and has basically been on the decline all year long. This reflects a sense of indifference and frustration from traders, which makes sense when understanding how much smaller retail traders have been dropping out of the asset like flies,” crypto analytics platform Santiment estimated earlier this month.
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