Shiba Inu is currently consolidating sideways after posting a strong rally at the beginning of the month. Specifically, SHIB is down 13% in the last seven days despite still being up 210% over a 30-day timeframe.
Shiba Inu has seen a massive surge recently, rallying by 280% from the $0.00001178 seen on the last day of February to reach a high of $0.00004456 on March 5.
This price increase has been accompanied by a surge in trading volume. Data from Kaiko revealed that Shiba Inu saw the largest trading volume amongst meme coins at $31 billion in just one week.
However, according to posts on social media, analyst Javon Marks has been predicting the surge for SHIB since October 2023, eyeing a $0.000081 price target for SHIB.
In a recent update to his prediction, Javon noted that the price was set to surge further, with the target of breaking the $0.000081 mark still active.
It is interesting to note that SHIB has surged by about 531% since Javon’s prediction in October. Furthermore, according to his analysis, breaking and holding above $0.000081 could set the stage for another 90% move towards $0.0001553.
Lola, an SHIB enthusiast, listed on X the key factors that could contribute to the growth of the meme coin in the near future.
These factors include SHIB’s decentralization, accessibility, and global adoption, strong community, and effective deflationary burn mechanism.
