Bullish Case for SHIB: Analysts Eye $0.0000998 Target by 2025

Shiba Inu (SHIB), the second-largest meme coin, dropped 6.30% in the past 24 hours after reaching a daily high of $0.0000261. SHIB’s downturn comes amid a broader crypto market plunge, with Dogecoin (DOGE) also falling 5.83%. But bullish predictions are surfacing for SHIB despite the lower price.

As per the data from CoinMarketCap, SHIB is trading at $0.00002401 after rebounding from its daily low of $0.00002282. While the digital asset is down 72.83% from its all-time high of $0.00008845 witnessed three years ago, a bullish prediction from analyst InvestingHaven on X (formerly Twitter) stated that the meme coin has the potential to skyrocket to $0.0000998 in 2025.

SHIB Burn Rate on the Rise

Meanwhile, data from Shiba Inu burn rate tracker Shibburn shows that in the past 24 hours, the SHIB token burn rate jumped 69.28% with 6.18 million tokens burned. Overall, 410 trillion SHIB tokens have been burned from the total supply.

The more SHIB tokens burned from supply, the higher chances of a price surge because the supply of the digital asset goes down while the demand for the cryptocurrency remains the same or increases.

Shiba Inu Price Analysis

With a market capitalization of $14.15 billion and a 130.01% price surge since December 2023, SHIB remains a top performer. However, the Relative Strength Index (RSI) in the daily chart below shows a value of 40.61, which means that the bears control the price action.

The RSI line also suggests that SHIB will move sideways for a brief period, even though volume has increased in the past few days. The nearest support for the meme coin is $0.00002288, which has held for a considerable time.