The Shiba Inu (SHIB) market has witnessed an array of upticks and downtrends over the year. The meme coin mostly recorded multiple spikes as it rose nearly 200%. The asset made noise in mid-November as its price reached a seven-month high, and its market value surpassed $17 billion. Even though the asset has lost momentum since then, the asset remains in the green monthly and is the subject of positive projections.
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Shiba Inu’s Current Slump
Like the rest of the market, Shiba Inu was in a rut. The asset saw a major drop over the past 24 hours. At press time, SHIB was trading at $0.00002351 following a 10% decline. This comes after a 39% rise in its price throughout the month.
The community has been expecting SHIB to eliminate a zero in the coming days. However, some remain pessimistic due to its current price slump. Despite this, a majority of the market seems to be bullish about Shiba Inu rising sooner rather than later.
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A Potential Spike Ahead
According to an analyst who goes by the name Javon Marks on X (formerly Twitter), SHIB is one of its best positions. The expert noted that Shiba Inu has successfully broken out and has been up over 162% since then. The asset has done so while also responding well to a recent Hidden Bullish Divergence.
Marks notes that the divergence suggests a rise of more than 75% over the 2024 highs. But this might just be a minor portion of a far greater 215% upward run to the first overall breakout goal at $0.000081. The analyst added,
“A more than 3X for Shiba Inu can be loading and coming quickly.”
While Shiba Inu’s future remains uncertain, predictions like this bring hope into the market.
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