Key Insights:
- Shiba Inu sees a 180% upside potential after a bullish reversal pattern appears on its charts.
- Shiba Inu benefits from its recent network upgrades, high user activity, and upcoming DAO.
- Memecoin market growth in 2024 was crucial in Shiba Inu’s rise.
Shiba Inu Sees 180% Rally Potential
Shiba Inu took a sharp turn between yesterday late night and this morning (UTC) after the altcoin markets saw some recovery. SHIB rallied by 8.5% in the last 24 hours with a corresponding trading volume of $1.5 billion. Shiba Inu saw a rise higher than most of the top memecoins, even beating DOGE (6.7%).
With this short but sharp rally, Shiba Inu charts have now seen the formation of a bullish reversal pattern. Analyst Javon Marks identified this reversal and estimated that SHIB could go as high as $0.81 based on these chart patterns.
$SHIB (Shiba Inu) has confirmed recently, yet another Bullish Pattern and all of its recent has led into continuations, so we can be in for yet another major upside move, but with breakouts holding and one implying $0.000081 to be in play, it can be greater than many think!
With… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
— JAVON⚡️MARKS (@JavonTM1) December 11, 2024
Just recently, we saw the formation of a rounding bottom pattern in SHIB charts that can take it from $0.00003 to $0.000067. With the latest chart, we might see the price levels of $0.00008 arriving soon.
At press time, Shiba Inu is at $0.00002931, which is 67% away from its all-time high of $0.00008845. Based on its phenomenal 202% gains in the last year, which has outperformed major coins like Bitcoin (141%) and Ethereum (74%), we expect SHIB to cross this level soon with its high momentum. Lately, memecoins have been the best-performing category of cryptos.
Shiba Inu Price Trends in the Last 24 Hours
Recent Fundamental Developments
Shiba Inu’s growth is not only because of the popularity of memecoins but also because of the solid fundamental developments that are expected to keep it relevant in the markets long after the memecoin fever fades away.
Cancun Hardfork
The Cancun Hardfork was a recent step towards aligning Shiba Inu’s Shibarium blockchain with Ethereum. As a layer-2 chain, Shibarium depends heavily on Ethereum to finalize its transactions. The Cancun Hardfork helps Shibarium better leverage the “blobs” in Ethereum.
The hard fork also helps Shibarium increase its burn rates during periods of high market activity. Burn rates have proven critical in making Shiba Inu deflationary.
Shiba Inu DAO
Among major Shiba Inu developments in 2024, the Shiba Inu team’s decision to hand over governance to a DAO is very encouraging. A DAO gives the end user a better sense of belonging and helps them better raise their voice. Further, voting rights for every member ensure that the project never steers off course.
Shibarium’s Growing Activity
It has been one year and a quarter since Shibarium was launched (Aug 2023). In this one year, Shibarium has seen decent growth to 4.6 million transactions per day. Further, its user count and activity have grown to 2 million addresses and 620 million transactions in the same period.
Finally, Shibarium has a lot more potential to grow. At present, SHIB has a market cap of roughly $17 billion which could immensely lift Shibarium upwards.
Vitalik Buterin envisioned an Ethereum ecosystem in which ETH and all other layer-2 chains work in tandem as a single coherent system rather than individual siloed projects.
Memecoin Market Overview in 2024
As the year almost comes to an end, we see memecoins as the best-performing sector in 2024. Among them, Shiba Inu and Dogecoin were the largest gainers in terms of market cap growth. SHIB commands a $17 billion market cap, while DOGE has a $61.5 billion market cap.
The growth in memecoins began with Shiba Inu and Dogecoin but continued with the resurgence of Solana memecoins like BONK, WIF and POPCAT.
PEPE Price Trend in the Last 24 Hours
Another memecoin that took the markets by surprise was PEPE. It’s growth was among the highest in memecoin markets. PEPE has been lately making newer highs. At press time, it quoted a price of $0.000025, which was up by 10% in the last 24 hours.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
