Shiba Inu looks like Dogecoin: If true, analysts predict SHIB as the next target

Shiba Inu, the second largest meme coin by market capitalization, is expected to experience significant price growth based on recent analysis by cryptocurrency expert Ali Martinez. The analyst predicts that Shiba Inu may follow a similar price trajectory as Dogecoin, a previous currency that has increased by over 100%.

The significant increase in Dogecoin's price is largely influenced by its association with celebrities like Elon Musk. During the price surge, Dogecoin reached $0.4359, with a market capitalization of $65 billion, temporarily surpassing XRP in market value. This momentum, driven by strong investor sentiment, has been compared to the recent performance of this asset. Current market position While Shiba Inu has increased by 50% in the past month, its growth is not as remarkable as the historical surge of Dogecoin. This Ethereum-based token recently surpassed the $0.000021 resistance level but still cannot match the performance of other popular assets such as XRP, Solana, and Dogecoin. At the time of reporting, SHIB is trading at $0.00002688, reflecting an 8% increase in the past 24 hours. Despite this modest growth, market experts have pointed out indicators of the potential for a price breakthrough. Ali Martinez highlighted similarities between the current price structure of the asset and Dogecoin's pattern before its significant price surge. Analyst's prediction of Shiba Inu (SHIB) In a recent analysis shared on X, Martinez has identified key similarities between the chart of Shiba Inu and the pre-surge pattern of Dogecoin. Based on these observations, he speculates that this asset could increase by nearly 100%, potentially reaching $0.000049, the highest level in three years for this token. Martinez forecasts a smaller increase of $0.000039, citing a 62% price increase in a similar market scenario when whales withdraw a large amount of SHIB from exchanges. His updated analysis is based on this initial prediction, showing even greater potential for the token in the coming weeks. Market sentiment is broader Martinez is not the only analyst optimistic about the potential of the asset. Carl The Moon, a renowned cryptocurrency analyst, has suggested that this asset could rise to $0.00003630 if it breaks important resistance levels. Meanwhile, Lucie, the marketing director of Shiba Inu, has shared an even more ambitious target of 0.0000686 dollars, a 155% increase from the current price. Factors influencing predictions The strong price momentum of the cryptocurrency market is greater and the improved market momentum of Shiba Inu contributes to these optimistic forecasts. Analysts have pointed out factors such as increased whale activity, decreased exchange holdings, and improved market sentiment as the main drivers of this potential price increase. Although this token still cannot match the explosive growth of Dogecoin, recent price developments and optimistic predictions from analysts indicate significant growth potential. However, like any other cryptocurrency investment, these predictions come with inherent risks and depend on market conditions.