Shiba Inu Price Targets Soar as Analysts Eye 10,000% Potential Surge

Shiba Inu Price Targets Soar as Analysts Eye 10,000% Potential Surge

The second-largest meme coin by market capitalization has recently performed remarkably well, with its price surging to a three-week high on September 19. It’s now one of the top-performing cryptocurrencies following the U.S. Federal Reserve’s decision to cut interest rates by 0.5%.

Some analysts believe this asset has yet to reach its full potential, with a few setting ambitious, if not outlandish, price targets. For instance, X user pepa recently pointed out that the SHIB price chart appears to have formed a specific triangular pattern, which could signal a massive bull run if it breaks to the upside. The crypto enthusiast speculated that Shiba Inu might even remove two zeros from its current price in the near future.

Such a rally would imply an astronomical 10,000% increase, pushing SHIB’s market capitalization to around $800 billion. Currently, only Bitcoin’s (BTC) market cap exceeds this level, making such a prediction highly improbable, to say the least.

Javon Marks also weighed in, noting that Shiba Inu still needs to climb over 470% to reach its bullish target of $0.000081. Nevertheless, Marks suggested that the recent price recovery could be “the catalyst for significant upward momentum” toward achieving that ambitious goal.

The Breakout Signal?

One key indicator that Shiba Inu’s price may be poised for new highs is its growing popularity on social media.

According to LunarCrush, SHIB’s social engagement has surged to its highest point since August 15. The platform also highlighted an increase in trading volume and positive sentiment surrounding the token. Before this surge, SHIB’s social engagement had been lagging at low levels.

“Social discussions around SHIB have been exceptionally low since late July and have been trending downward throughout the year. This indicates indifference and frustration among traders, which makes sense given how many small retail traders have been exiting the asset,” the crypto analytics platform Santiment noted earlier this month.