Shiba Inu, the popular meme coin, is experiencing a rally fueled by significant growth in key Shibarium metrics. This surge has traders and analysts buzzing about the potential for further bullish momentum in the coming months.
Crypto trader Javon Marks recently forecasted on X that Shiba Inu’s price could reach unprecedented highs. Marks noted that the coin has shown remarkable progress since his initial analysis, highlighting a staggering +400% increase from $0.000009079 to $0.00004559. He believes this growth will continue if the current breakout holds, estimating a potential +351% move from the current value towards the breakout target of $0.0000886, its all-time high. Marks pointed to a hidden bullish divergence between prices and the relative strength index (RSI) as a validation of the meme coin’s strength.
Shiba Inu’s Technical Analysis
Technical analysis shows Shiba Inu’s RSI at 57, a signal of bullish momentum. The 50-day simple moving average (SMA) and the 200-day SMA are on the verge of converging, which could lead to a golden cross or death cross. Currently, the 50-day SMA is above the 200-day SMA, increasing the likelihood of bullish price action in the near term.
Shibariumscan data reflects this positive trend, with active accounts rising from 489 on July 14 to 602 on July 15. New accounts increased fourfold, from 6 to 27, in the same period. Transactions surged from 3,185 to 4,319, and new verified contracts jumped from 10 to 26.
Further data from IntoTheBlock reveals a 95.6% surge in large transaction volume, with transactions over $100,000 increasing from 57 on July 14 to 82 on July 15. Notably, 73% of SHIB is held by large holders, while 78% of SHIB holders have accumulated the coin for more than a year.
The influence and impact of meme coins like Shiba Inu will be a focal point at Benzinga’s upcoming Future of Digital Assets event on November 19. As the meme coin market evolves, the community remains eager to see if Shiba Inu can maintain its upward trajectory and achieve new heights.