Crypto analyst Eljaboom provided insights into how Shiba Inu (SHIB) could climb into this bull run. The analyst alluded to the story to show that the second largest meme coin by market cap could still reach unprecedented heights.
Shiba Inu will reach $0.00024 in this bull run
Eljaboom suggested in an X (formerly Twitter) publish that Shiba Inu will rise over 1,000% to reach $0.00024 in this bull run. This followed his observations that history was repeating itself for SHIB. The chart he shared showed that the analyst expected Shiba Inu to experience a similar price increase. how it happened in 2021although much bigger this time.
Related Reading
![Historical trends suggest Shiba Inu price will rise 1,000% to $0.00024, analyst reveals when 1 Shiba Inu](https://thegurumedia.com/wp-content/uploads/2024/06/Shiba-Inu.png)
Crypto analyst Crypto Emily seemed to agree with Eljaboom’s prediction, stating that anyone who has lost faith in Shiba Inu is “clueless”. Meanwhile, Eljaboom’s prediction aligns with other crypto analysts who predict that Shiba Inu will lose another zero and rise to $0.0001. One of them is Javon Marks, who predictions this SHIB will eventually rise to $0.0001553.
Crypto Analyst Captain Toblerone shared a prediction similar to that of Eljaboom himself when using Elliot Wave Theory to analyze the Shiba Inu chart. The chart showed that SHIB will rise to $0.00022 when wave 3 of the five-way sequence occurs. Interestingly, the analyst suggested that the Shiba Inu’s rise to this price level could happen by September this year.
Meanwhile, other crypto analysts such as Armando Pantajo have made more optimistic price predictions for SHIB in this bull run. Pantajó foreseen that Shiba Inu would lose two zeros and rise to $0.001. Crypto analyst Ali Martinez went further and foreseen that Shiba Inu could lose three zeros and rise to $0.011.
Factors That Could Trigger Shiba Inu’s Unprecedented Price Rise
Several factors could contribute to Shiba Inu’s parabolic rise to such heights. One is the institutional adoption of meme currency. O Shib Community has been actively working to achieve this goal through petitions Shades of gray consider launching a SHIB ETF. Interestingly, this petition garnered over 10,000 signatures, highlighting the community’s dedication to the cause.
Related Reading
The potential launch of a Shiba Inu ETF would bring new money into the meme coin ecosystem, which could trigger this parabolic price rise. New money is also expected to flow into the SHIB ecosystem when the team finally launches the proposal privacy-focused layer 3 network. More users are expected to join the Shiba Inu ecosystem to enjoy such utility.
About that, Shibarium layer 2 network it undoubtedly still has a significant role to play in the growth of SHIB. The network has already committed to using some of the network fees earned to Shiba Inu token burns. As such, Shibarium can be expected to perform massive token burns again once daily transactions on the network increase.
Featured image created with Dall.E, chart from Tradingview.com