Shiba Inu Defies Bear Market With 3% Price Surge

Shiba Inu (SHIB), the second-largest meme coin, has risen by more than 3% in the past 24 hours, while activity and adoption of the blockchain ecosystem continue to rise despite a bearish crypto market.

It is important to note that in October, Shiba Inu reached a three-month high of $0.00001865 but has fallen significantly since then. As of this writing, it is trading at $0.00001671, down 81.14% from its all-time high of $0.00008845.

Despite the price drop from its three-month high, investors seem bullish on SHIB. Data from IntoTheBlock indicates that the number of addresses holding the meme coin for over a year grew by 10,000, from 1.06 million at the start of September to 1.07 million today.

Moreover, the total number of holders of the meme cryptocurrency has increased from 1.29 million in October 2023 to 1.35 million this October. Meanwhile, the number of addresses holding between 10 million and 1 billion SHIB has jumped to 379,380. It appears that investors are anticipating a price surge soon.

SHIB Price Analysis and Prediction

From Shiba Inu’s price prediction report, the meme coin could reach $0.000095 in 2025, with the potential to end 2024 at $0.00004800. By 2028, the meme coin is projected to peak at $0.00014191 and rally to $0.00013527 by the end of 2030.

Read also: Shiba Inu Elliott Wave Analysis: 987% Price Surge Predicted

The chart above shows that the Relative Strength Index (RSI) for Shiba Inu is 56.16, meaning that the bulls are generally in control of the meme coin’s price action. The slope of the line suggests that higher prices are possible in the short term. With buyers in charge, SHIB might challenge the $0.00002 price level once again.