Over the past week, 17 trillion Shiba Inu tokens have been moved, indicating a surge in on-chain activity and increased volatility for the popular cryptocurrency. This activity has led some analysts to predict a potential bullish movement for Shiba Inu in the coming weeks. 

Renowned Bitcoin investor Moataz “Eljaboom” Elsayed named under Forbes 40 under 40 candidates, believes that Shiba Inu’s price could reach $0.00024 if historic patterns repeat.

Analyzing Historical Patterns

In a recent tweet post, Eljaboom highlights the historical price movements of Shiba Inu, particularly from the second quarter of 2021. 

Back in May 2021, shortly after Binance listed Shiba Inu, the token’s price surged to $0.00005 before pulling back and establishing a support at 0.00001995. This led to a remarkable 343.64% increase, taking SHIB to its all-time high of $0.00008854 by late October 2021.

However, this upward surge was interrupted by market corrections, particularly the Terra ecosystem collapse in May 2022, which caused significant declines for Shiba Inu and the broader crypto market. 

SHIB fell below its established support range, turning it into a resistance zone. For 95 weeks, the token struggled to break through this barrier until a decisive breakout in March this year, which saw a 374% surge to a yearly high of $0.00004567.

Shiba Inu Next Target: $0.00024

Amidst the recent volatility surrounding Shiba Inu, Eljaboom’s analysis suggests a potential surge, mirroring its past performance. He thinks Shiba Inu could rise by 1,105% from its current price of $0.00002329 to $0.00024, effectively eliminating another zero from its price. Such a milestone would propel Shiba Inu’s market cap to an impressive $141.6 billion.

Furthermore, CryptoQuant’s data indicates that Shiba Inu Exchange Reserve surged to 154 trillion tokens in May, underlining investor confidence in the token’s potential.

As of now, Shiba Inu is trading at $0.00002329, reflecting a slight increase of 0.43% in its price. Despite this price increase, the trading volume has declined by 4.5%, which is hovering around $473 million. Shiba Inu’s market capitalization stands at $13.7 billion amidst these fluctuations.

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