The world’s second-largest meme coin, Shiba Inu (SHIB), is on the verge of an imminent 294% rebound, according to a market expert’s post on the popular microblogging platform X.
Interestingly, the latest price prediction is coming in a period characterized by massive declines in SHIB’s market variables, compounding an already existent precarious state for the coin and its holders.
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SHIB’s Market Readings Revealing Losses Across Multiple Variables
At the time of press, Shiba Inu’s price readings on a popular cryptocurrencies tracker site, CoinGecko, revealed that the canine-themed digital asset is changing hands at about $0.000018, reflecting a $10% downtrend from the previous day.
Aside from dropping significantly in its 24-hour price statistics, SHIB’s other specified range variables recorded even more concerning losses. Its 7-day-to-date, 14-day-to-date, and 30-day-to-date indices registered price drops ranging roughly 18.6%, 23.5%, and 26.7%, respectively.
Despite ranking among the top 20 cryptocurrencies with a market cap valued at about $10.7 billion, its trading volume has dropped tremendously to about $565.5 million, implying that users’ interest in the token might have decreased.
SHIB’s current price trend indicates that the coin could be on the path to shedding off all accumulated profits that saw it attain $0.00004 in March 2024, underscoring how low the token has dropped recently.
SHIB Still Holds Considerable Accumulated Gains Despite Declines
Amid the blood bath ravaging Shiba Inu, Javon Marks, an experienced crypto market chartist and analyst, recently took to his verified X handle to call the attention of his about 39.9K followers to SHIB’s massive price expansion potential, citing the possibilities of a 294% rebound in the coin’s price trajectory.
According to Marks, despite the price plunges, Shiba Inu still holds over 100% of previously accumulated profits during its breakout earlier this year, which saw it break above the $0.00001 resistance.
Additionally, the market expert noted that the phenomenon signifies “a run is in effect.” Marks’ tweet read in parts, “SHIB (Shiba Inu)’s price is still up over 100% since breaking out of the displayed resisting trend, which can be letting us know that a RUN is IN-EFFECT!”
A 294% Rebound Is Possible With A Potential Price Target Above $0.000081
Going further in his assessment of Shiba Inu’s future price trajectory, Marks stated that a 294% rebound is on the horizon with $0.0000081 as its first destination, after which a break above $0.0001553 comes into play.
Marks also boldly asserted that the recent pullback has no significant effect on Shiba Inu’s growth prospect, adding that it merely contributed to the meme coin’s projected ascent.
$SHIB (Shiba Inu)’s price is still up over 100% since breaking out of the displayed resisting trend which can be letting us know that a RUN is IN-EFFECT!
With prices being broken out, the target is at $0.000081, meaning another +294% upside from here to reach it can take place… https://t.co/768GdhkTAk pic.twitter.com/pVoXrcqkBE
— JAVON⚡️MARKS (@JavonTM1) June 17, 2024
SHIB Holders Making Profits Close Up On Those Accumulating Loses
According to Shiba Inu’s statistical summary on the data analytical platform IntoTheBlock, the number of SHIB holders accumulating profits presently at the coin’s current price is about 48%. On the other hand, those recording losses are currently 46%, leaving just 6% in the neither gaining nor losing region.
While the above statistics do not appear favorable for a crypto project aiming for expansion, whale investors remain actively involved in the token, making up about 73% of SHIB’s holders’ base and implying faith in the token despite its dwindling market outlook. It is left to see how events unfold. Whether SHIB eventually orchestrates a 294% rebound, as projected in this insight, remains a probability until confirmed.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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