Shiba Inu (SHIB) Price Prediction: Can the Meme Coin Surge by 165% to Retest Its 2024 Highs?

input: SHIB price has remained in a consolidation phase in the past few weeks. It dropped from a high of $0.00003322 in November and has stalled at the crucial support level at $0.00001240.

Shiba Inu (CRYPTO: SHIB) price has remained in a consolidation phase in the past few weeks. It dropped from a high of $0.00003322 in November and has stalled at the crucial support level at $0.00001240.

Still, some analysts believe that the coin may be on the verge of a strong bull run, citing its strong fundamentals.

Shiba Inu Going Through A Massive Shift In Perception

One popular crypto analyst argued that Shiba Inu was going through a massive shift in perception that could propel it much higher from the current levels.

He cited the fact that the coin had flipped the two biggest cryptocurrencies in a closely watched metric.

In an X post, he said that SHIB had passed Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the long-term holder ratio. Its ratio, which measures the duration in which holders have held the coin, jumped to 76%, higher than BTC’s and ETH’s 74%. He said:

“This isn’t just a stat—it’s a signal. A massive shift in perception. What started as a meme has evolved into a movement backed by one of the strongest, most loyal communities in crypto.”

Shiba Inu has been working to ensure that it is the best crypto in its category. Unlike other meme coins, it is highly deflationary because of its daily token burns.

Data shows that the daily SHIB burn rate soared by 12,000% on Wednesday as the network incinerated ver 115 million tokens.

Further, Shiba Inu launched Shibarium, a layer-2 network. While its TVL remains lower than other chains like Base and Arbitrum, there is a likelihood that it will keep growing over time. Shibarium’s success will help to increase the number of SHIB token burns.

Shiba Inu Price Technical Analysis

The recent SHIB crash has seen billions of dollars in value wiped out, an experience that will be painful to its holders. However, there are signs that the Shiba Inu price is on the cusp of a strong surge that could see it rise by 165% and retest its highest point in November last year.

The bullish case is based on the giant falling wedge chart pattern on the daily chart. This pattern’s upper trendline links the higher lows since December, while its lower side connects the lower low since November last year.

The coin has moved above the upper side of the wedge pattern and is now attempting to form a double-bottom at $0.00001080. Its neckline will be at $0.00001570. A double-bottom is a highly bullish pattern.

SHIB Price Targets

Therefore, the most likely SHIB price forecast is where it drops to the double-bottom at $0.00001080, and then stages a strong surge to $0.0000332.

On the other hand, a drop below the support level at $0.00001080 will invalidate the falling wedge and the double-bottom pattern and point to more downside.

Shiba Inu Price Prediction: Can SHIB Surpass BTC, ETH in Long-Term Holder Ratio? Nearly 76% of Shi…