Shiba Inu Surge Just Beginning, Analysts Say SHIB Looks Insanely Strong

The recent crypto bull market tide appears to lift all boats, including the prominent meme coin Shiba Inu (SHIB).

Since mid-September 2024, the token has enjoyed a rally that has seen its price surge as much as 153% from about $0.00001317 to as high as $0.00003343. However, several prominent analysts say this over 150% rally may be the tip of the iceberg.

“SHIB Looks Insanely Strong”

On Saturday, December 7, prominent crypto analyst “Bluntz” opined in a post on X that SHIB looked poised to post several price multiple gains.

In the same post, the analyst shared a chart setting short-term price targets above $0.00006 and $0.00009, representing over 94% and 191% gains from the tokens price of $0.00003089 at the time of writing.

Bluntzs set targets are dependent on SHIB repeating a pattern observed in March 2024 when its price shot up to peaks of $0.00004567 from around $0.00000907 after its 14-day RSI broke above 70 and surged over 90. This RSI is currently over the 70 mark again amid the latest rally, with more room for growth.

Meanwhile, Bluntz is one of many analysts who have expressed a positive outlook on SHIB in the past few days.

On Sunday, “Kings Chart” asserted that SHIB was “looking good.” Unlike Bluntz, however, the analyst shared a more conservative 35% price gain prediction that would see the token trade at the $0.00004518 price point, citing a potential breakout of an ascending triangle chart pattern.

At the same time, “CAPT. PARA80LIC TOBELERONE” shared a parabolic outlook of SHIB that could see the token surge as high as $0.0001 in the coming weeks and hit a peak of $0.0005 in Q1 2025, representing over 220% and 1500% gains from current prices.

$SHIB – #PARA8OLIC chart. pic.twitter.com/LiaSBf8rCK

— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) December 8, 2024

These analysts views come as some may see an opportunity in SHIB lagging behind other leading meme coins like Dogecoin (DOGE) despite its recent gains in the broad crypto market rally. For context, while DOGE has been up over 110% in the past 30 days, SHIB has been up only about 60%.

These views of SHIB presenting a high return opportunity are further strengthened as the token also has some fundamental factors going for it.

Shibarium Recording New Milestones

As reported by The Crypto Basic on December 7, Shiba Inus Ethereum Layer 2 Shibarium has recorded several milestones that suggest it is seeing significant interest. For one, wallets on the network have surpassed 2 million.

At the same time, total network transactions have surpassed 600 million, with daily transactions sometimes reaching nearly 5 million.

This rising interest in Shibarium bodes well for SHIB as the network has an automatic mechanism that burns the token with 70% of network fees.