Over the past year, the Shiba Inu (SHIB) market has experienced a series of upward and downward trends. This MEME token has recorded multiple surges, with gains approaching 200%. In mid-November, the asset's price hit a seven-month high, with a market capitalization exceeding $17 billion, causing a sensation. Although the asset has since lost momentum, it has remained profitable on a monthly basis and has received positive forecasts.
The current slump of Shiba Inu
Like other products in the market, Shiba Inu has also fallen into a predicament. The asset has seen a significant decline in the past 24 hours. As of the time of writing, the SHIB trading price is $0.00002351, a 10% drop. Previously, the price had risen 39% throughout the entire month.
The community has been eagerly awaiting for SHIB to eliminate the zero point in the coming days. However, due to the current price plunge, some remain pessimistic. Nevertheless, most in the market seem to be optimistic about Shiba Inu's price rising soon.
Potential for a peak in the future
According to X (formerly Twitter) analyst Javon Marks, SHIB is one of his best positions. The expert pointed out that Shiba Inu has successfully broken out and has since risen over 162%. While achieving this goal, the asset has also responded well to the recent hidden bullish divergence.
Marks noted that this divergence suggests the price has risen over 75% compared to the 2024 high. But this may only be a small part of a surge far exceeding 215%, with the potential to break through the first overall target of $0.000081. The analyst added, "Shiba Inu can quickly load and run over 3X."
Although the future of Shiba Inu remains uncertain, such forecasts bring hope to the market.
