In the wake of Donald Trump becoming the 47th US President and the restart of the crypto bull run, meme coins are experiencing a surge in popularity. Dogecoin, for example, saw a 208% increase in price within just nine days, and other dog and cat-based cryptocurrencies are experiencing a similar price spike.
With this demand spike, Shiba Inu, a competitor to Dogecoin, could see a massive increase in value. However, it is highly unlikely that Shiba Inu can reach the $1 mark, as it would require a 3,906,150% rally from its current price. Despite this, Shiba Inu has seen a significant price increase since its inception, mainly due to the popularity of Dogecoin and the involvement of Elon Musk in the creation of Department of Government Efficiency (D.O.G.E.).
As of November 16, Shiba Inu price prediction suggests that a 3,906,150% rally is needed to reach the $1 mark, which seems highly unlikely. Shiba Inu’s current price is oscillating between $0.0000211 and $0.0000295 barriers, with the former serving as a support level. The Relative Strength Index (RSI) is currently at an overbought level, suggesting a minor correction in prices.
Shiba Inu’s price has already retraced 17% in the past five days and is likely to continue this descent. The Awesome Oscillator has formed red histograms, supporting a potential spike in bearish momentum and an incoming correction. If the bearish momentum continues, Shiba Inu could revisit the $0.0000211 support level.
If there is demand at this level, buyers should accumulate, leading to a quick bounce. However, if Shiba Inu’s value breaches the $0.0000211 support floor, it would indicate a weakness in demand, which could trigger a 25% correction to the $0.0000158 support level. In conclusion, while Shiba Inu has experienced significant growth due to the popularity of meme coins and its association with Elon Musk, it is highly unlikely to reach the $1 mark.
Investors should be cautious and monitor the market closely before making any investment decisions. The cryptocurrency market is highly volatile, and it is essential to do thorough research before investing in any digital asset.
