Shiba Inu (SHIB) Price Predicted to Surge Five- to Six-Fold, Mimicking Ethereum's Growth

The price of Shiba Inu SHIB/USD, the second-largest meme coin, is predicted to see a significant uptick, says renowned cryptocurrency analyst Zach

Cryptocurrency prices today saw a mixed trend on Friday morning, with some meme coins, including Shiba Inu, posting notable gains.

As of 6:15 a.m. ET, SHIB price today was trading lower by 2.41% at $0.00002729. However, over the past week, SHIB price has surged by 207.2%, making it one of the best performing cryptocurrencies.

This comes as no surprise to cryptocurrency enthusiasts, as SHIB has been making headlines for its impressive gains throughout 2023.

The meme coin, which began the year trading at around $0.000008, has soared by over 2,000% year-to-date.

The impressive rally has attracted the attention of many, including cryptocurrency analysts and investors alike.

Now, as SHIB price continues to surge, some analysts are predicting that the meme coin could be set for even greater heights in the future.

According to Zach Humphries, a well-known cryptocurrency analyst, SHIB could be poised for a five- to six-fold price surge from its current levels.

In a recent video posted on YouTube, Humphries discussed his analysis of SHIB’s technicals and potential price movements.

The analyst highlighted the possibility of SHIB breaking through the $0.00002960 resistance, which could trigger a bullish rally.

If this occurs and Ethereum rises to the $7,000–$8,000 range, Humphries believes SHIB could reach the “mid-threes.”

This would indicate a price increase of around five to six times from its current levels.

"Shib and Pepe (PEPE) are primed and ready to go. I think it's coming. Ethereum is starting to show signs, it's quiet right now, but it won't be quiet for very long," Humphries said.

On-chain data from IntoTheBlock also reveals a steep 82% increase in SHIB's Large Holders Netflow within the past day, indicating the movement of SHIB into whale wallets.

Specifically, 2.4 trillion SHIB, valued at approximately $72 million, flowed into the whale wallets. This often signals reduced selling pressure, which could contribute to the meme coin's sustained upward momentum.

At the time of writing, SHIB trades at $0.00002729, having faced a close to 3% decrease in the past 24 hours. However, the meme coin has seen a seven-day surge of over 200%.

This comes as SHIB price has surged to eight-month highs amid a broader rally in meme coins, with Dogecoin also posting a seven-day gain of over 100%.

The potential for a five- to six-fold increase in SHIB’s value is certainly a bullish prediction, especially considering the meme coin’s already impressive gains in 2023.

If Humphries’ prediction does come to fruition, it would undoubtedly attract new investors and further establish SHIB as a major player in the meme coin market.