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Experts are confident that the Shiba Inu may see a huge price rise on the back of the positive outlook for cryptocurrencies.
Donald Trump’s victory in the recently concluded US election brought waves of optimism to the cryptocurrency market which SHIB Inu could leverage to push it to a 306% price rise.
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Shiba Inu: Explosive growth
One market analyst has predicted that the price of the Shiba Inu could rise by at least 306%, as the entire cryptocurrency market is going overly excited about the US election results.
In a post, analyst Javon Marks said that it is likely to reach the $0.00081 mark, adding that such a price rise is imminent for the meme coin and is expected to happen soon.
Still fairly new after confirming the Hidden Bull divergence and holding out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, could be poised to perform next level towards the $0.00081 target!
This goal is currently over 306% away and is aiming towards… https://t.co/0ySjEfPQgF pic.twitter.com/DwklAFs8zj
– Javon ⚡️ Marks (@JavonTM1) November 8, 2024
“Dollar SHIB (Shiba Inu) is still fairly fresh after confirming a confirmed and resilient hidden bull divergence, amidst a tumultuous Bitcoin market, and could be poised to perform next level towards the $0.00081 target,” Marks said.
Data showed that the meme coin has formed a Hidden Bull Divergence pattern. Reports have explained that hidden bullish divergence is a bullish indicator that usually occurs before a price rise occurs.
Moreover, analysts said that the cryptocurrency has already broken through the consolidation phase which could boost the bullish outlook for the meme coin.
Shiba Inu and Bitcoin relationship
Analysts pointed out that there is a relationship between the Shiba Inu’s price movement and Bitcoin, saying that any price movement with Bitcoin may also mean the price movement of the meme coin.
It’s a correlation that many analysts are watching as Bitcoin prices rise on the back of newfound optimism in the overall cryptocurrency market.
In previous reports, analysts discussed that the Shiba Inu usually tracks Bitcoin’s price movement, showing that there is a strong relationship between the two digital currencies.
They pointed out that as Bitcoin collapsed, the price of the memecoin also fell. Hence, any significant rise in the price of Bitcoin could push the Shiba Inu to exponential growth.
Many market watchers expect that Bitcoin is on track for a massive price rise, and in the past few days, the premier cryptocurrency has reached an all-time high price per coin. Therefore, the expected price movement of BTC may also push the Shiba Inu to its expected price.
We are not even close to the total MC predictions for cryptocurrencies. Will you get there? Seems possible and possible imo.
$10 trillion+ $SHIB .0002 possible$ bones $50 – $100$Leash $15k – $20k $ Ethereum $17k+$ Bitcoin Best case scenario $250,000$ Crow $2.70$dawg $2.70 – $5
There may be a lot of “projects” out there…
— HorBull™ (@HorBull) November 6, 2024
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Seeing a market cap of $118 billion
Meanwhile, analysts noted that the Shiba Inu’s market capitalization will rise and its price will rise by 950% once the global cryptocurrency market valuation reaches $10 trillion.
Market commentators said that if the $10 trillion market cap was achieved, the meme would trade at $0.0002 and take its market capitalization to $118 billion.
As of the time of writing, the total global market cap of the cryptocurrency sector is $2.61 trillion, while the current market cap of the Shiba Inu is approximately $11.21 billion.
Featured image from Chewy, chart from TradingView