Shiba Inu (SHIB) Meme Coin Is Gaining Renewed Attention

Shiba Inu (SHIB) meme coin is gaining renewed attention following a combination of technical projections and social media activity.

Shiba Inu (CRYPTO: SHIB) price is showing signs of a potential breakout from an Elliott Wave structure, suggesting a 741% rally to $0.00010 could be in the making.

What Happened: A market analyst known as "CAPT. PARABOLIC TOBLERONE" on Benzinga Pro's platform shared their analysis of SHIB's price action.

Their analysis, which is part of a broader Elliott Wave structure, suggests that SHIB is now completing a corrective phase, denoted as Wave B. This aligns with the asset's movement within an ascending channel since its inception, as highlighted in the analysis.

Shiba Inu is currently trading at $0.00001189. According to the analyst, the token is expected to hit a low of $0.0000055—which is a 54% decline from its current price—as it completes Wave B of the Elliott Wave structure.

After reaching this low, the token will then rally back to higher highs, ultimately reaching March 2024's high of $0.00004567. From there, it will continue to breakout to over $0.00010, which is also the alignment of the channel's upper boundary. This price level presents a potential 741% increase from where the token is currently trading.

Related Link: Exclusive: Is A 1000% Shiba Inu Price Surge Realistic In 2024? One Analyst Weighs In

Why It's Important: As interest in the meme coin continues, a recent post from the official Shiba Inu team on X (formerly Twitter) regarding the token has caught the attention of many.

On April 18, the Shiba Inu team shared a post that read, "Shib is for everyone." This statement follows the recent narrative created by Coinbase's (NASDAQ:COIN) Layer 2 network, Base, which previously shared a post that read, "Base is for everyone."

Shortly after, Base shared a second post which read, "Just coin it," linking to the content minting platform Zora. These posts led to the creation of a new Base-themed token which briefly reached a market cap of $20 million before losing more than 40% of its value.

Following the trend, the Shiba Inu team also shared a second post which read "Coin'd it," referencing Zora.

While no official token has been launched following these posts, the engagement has led to a moderate increase in SHIB trading activity.

Shiba Inu Price Action: SHIB is currently trading at $0.00001164, up 1.5% in the last 24 hours. The token's price has seen a slight uptick following the recent attention it received on social media.

Another analyst, "CRYPTO_CODER_1," shared their analysis of SHIB's price action, suggesting that the token is showing signs of strong accumulation.

"Shiba is showing great resilience here. We've seen some key levels get retested multiple times, which is a sign that an accumulation phase could be unfolding. Despite the recent decline in active addresses, the broader market sentiment remains bullish. BTC is holding strong, and there's still interest in burning SHIB tokens, which is adding further support.

An interesting observation is that whenever SHIB encounters a resistance zone, it tends to bounce back stronger afterward. This resilience is evident in the chart above, as we can see the price recovering from each touch of the 0.000010 region.

As we move forward, I'll be watching for a breakout above 0.00001240 to attract more buyers and propel the price toward the next target at 0.00023."