Following the rise of Bitcoin (BTC) to $88,000, the meme coin market has also experienced significant growth, reaching a total value of $50 billion. Despite this, the price of Shiba Inu (SHIB) has decreased by 1.5% in the past 24 hours and is currently trading around $0.00001249. An analyst named CryptoELITES suggests that SHIB has entered a buying zone with the potential for significant growth, possibly increasing by 14 to 17 times to a range of $0.000018 to $0.000021. Confirmation of the upward trend will occur if SHIB breaks through the key Fibonacci level resistance of $0.00003. This could lead to a surge to $0.000085 and a subsequent removal of a zero from the price. Additionally, Santiment data indicates that SHIB supply on exchanges has hit its lowest level, strengthening the possibility of price growth alongside increasing demand. According to Coinglass data, SHIB’s open interest index has grown by 43% in the past two weeks, reaching $135 million. This increase suggests that future market participants are entering trading positions with hopes of starting an upward trend. However, high volatility can also increase price fluctuations. Visit the live digital currency price page to track all token and cryptocurrency prices in real-time.
