Shiba

bullish

Shiba Inu

TL;DR
<ul>
 <li>SHIB was predicted to witness a 180% rally supported by strong on-chain metrics and Shibarium’s growing adoption.</li>
 <li>On the other hand, declining network growth and fewer large transactions suggest possible downward pressure.</li>
</ul>
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<h2 id="is-shib-gearing-up-for-a-new-rally">Is SHIB Gearing up for a New Rally?</h2>
The second-largest meme coin has performed quite well in the last three months, registering a price increase of over 100%. It reached a local peak on December 7, but shortly after, it dipped substantially amid the latest market correction. In the past 24 hours, there has been a fresh resurgence, with SHIB currently trading at around $0.00002918 (per CoinGecko’s data).
<figure id="attachment_374409" aria-describedby="caption-attachment-374409" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-374409" src="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3.png" alt="SHIB Price" width="585" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3.png 1040w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3-300x205.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3-1024x700.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3-768x525.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-3-50x34.png 50w" sizes="(max-width: 585px) 100vw, 585px"></a>
 <figcaption id="caption-attachment-374409" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
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</figure>
One popular analyst touching upon the asset’s recent price fluctuations is the X user JAVON MARKS. The market observer <a class="editor-rtfLink" href="https://x.com/JavonTM1/status/1866863114106589234?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">claimed</a> that SHIB has confirmed a bullish pattern, which could be followed by “another major upside move.” JAVON MARKS reiterated their prognosis that the valuation could spike by almost 180% and reach $0.000081:
<blockquote>
 “With this target at $0.000081 continuing to be in play, we could be soon witnessing a more than 180% climb unfold in front of our eyes, and it may just already be in-effect as we speak.”
</blockquote>
Some important on-chain metrics <a class="editor-rtfLink" href="https://cryptopotato.com/three-reasons-why-the-shiba-inu-shib-price-may-head-north-soon/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">support</a> the bullish forecast. An example is the SHIB exchange netflow which has been predominantly negative in the last week. This signals a potential shift from centralized platforms toward private wallets, which in turn, reduces the immediate selling pressure.&nbsp;
Another factor is Shibarium’s progress. The layer-2 scaling solution, whose ultimate goal is to foster the development of the Shiba Inu ecosystem, recently reached another major milestone. As CryptoPotato <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inus-shibarium-reaches-a-new-milestone-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a>, the total number of wallet addresses surpassed two million. Prior to that, the total transactions processed on the network crossed 600 million.&nbsp;
<h2 id="span-data-preserver-spaces-true-something-for-the-bears-too-span">Something for the Bears, too</h2>
Despite the aforementioned bullish elements, there are some metrics suggesting that SHIB’s price may head south soon. <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">According</a> to IntoTheBlock, Shiba Inu’s Net Network Growth (a momentum signal “that gives a pulse of the true growth of the token’s underlying network”) is down 0.76% on a daily scale, entering the bearish zone.
Large Transactions (a momentum indicator showing the number of transactions greater than $100,000) have also declined in the past 24 hours.&nbsp;
The “InTheMoney” metric (which measures the change in the number of SHIB investors currently sitting on paper profits) has plunged, too. Currently, around 69% of those invested in the asset are in the green, while 24% remain underwater.&nbsp;
The post <a href="https://cryptopotato.com/bullish-shiba-inu-shib-price-prediction-analyst/" rel="noopener noreferrer nofollow">Bullish Shiba Inu (SHIB) Price Prediction (Analyst)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bullish Shiba Inu (SHIB) Price Prediction (Analyst)

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