Market analysts are abuzz with predictions for Shiba Inu (SHIB), forecasting a potential rally of 71%. This optimistic outlook follows SHIB’s impressive performance, which has seen a 34.36% increase over the past month. Consequently, SHIB has emerged as a leading player among meme coins, competing alongside popular alternatives like Dogecoin.
Analyst Predictions
Kelly Ye, the head of research at Decentral Park Capital, observed that Shiba Inu and other meme coins have outperformed Bitcoin (BTC) recently. Ye pointed out that SHIB is approaching a significant resistance level at $0.00003260. This level could serve as a critical breakout point for further gains. In addition, another analyst known as FOUR emphasized the emergence of a “super meme coin cycle.” This cycle suggests that SHIB might soon reach the resistance level, translating to a 71% increase from its current trading price around $0.000019.
$SHIB is Marching towards $0.00003260 price very soon than you expect ⚡
— FOUR | Crypto Spaces (@X_Four_iv) October 19, 2024
Memes super cycle is just started #Shib #MemeSeason #MemeSupercycle pic.twitter.com/8QXXiE7odd
Whale Activity and Market Sentiment
Recent whale activity has significantly contributed to SHIB’s positive outlook. A notable withdrawal of approximately $2 million worth of SHIB from Coinbase by a whale has sparked interest among traders. This transaction is part of a series of large withdrawals totaling over 105 billion SHIB tokens, indicating strong bullish sentiment among larger investors. Furthermore, large transactions have surged by over 100% in recent days. This increase suggests that major players are accumulating SHIB, potentially driving its price upward.
On-Chain Metrics and User Activity
While September showcased robust demand and increased user activity, October has witnessed a slight decline in interest. Active addresses have dipped below August levels, which may temper immediate bullish momentum unless Bitcoin breaks through the psychological barrier of $70K. Despite this reduction in daily active users, SHIB has maintained key trendline support since September.

Analysts closely monitor whether SHIB can reclaim the price range above $0.000020 in the short term. A breach below this support could lead to a drop towards the 50-day EMA near $0.000016.
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In summary, Shiba Inu’s recent performance generates excitement with predictions of a potential 71% rally. Increased whale activity and strong historical performance provide a bullish backdrop. However, waning user interest in October poses challenges for sustaining momentum in the short term. As traders watch resistance levels and overall market sentiment, SHIB’s future trajectory will depend heavily on macroeconomic factors and internal market dynamics within the cryptocurrency space.
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