Shiba Inu price sat at a crucial support level on Tuesday as a sense of calmness remained following Donald Trump’s inauguration. Can SHIB escape this state of calmness and trigger a massive rally that could push it to 100x from the current level? Or will the veteran meme coin sink lower as new ones grab retail investors’ attention?
Shiba Inu Price Performance Remains Lackluster
Shiba Inu price has underperformed other popular cryptocurrencies like Bitcoin and Ripple. It soared to a high of $0.00004560 in March 2024 and then plunged to a low of $0.0000108 in August as the crypto winter intensified.
Its recent recovery attempts failed at $0.00003340 in September and has now plunged by about 38%. This price action happened as crypto investors turned to newer and shinier meme coins, especially in the Solana ecosystem. Some of the top Solana meme coins that soared to record highs as Shiba inu price fell were Fartcoin, Pudgy Penguins, and ai16z.
Shiba Inu also plunged as the Shibarium transaction fees continued falling, which affected the SHIB burn rate.
Can SHIB Price 100x From Here?
The SHIB coin price is trading at $0.00002075, meaning that a 100x move would bring it to $0.0002. Such a move would imply an 870% surge from the current level. As the Trump memecoin showed, such parabolic moves are possible in the crypto industry. Besides, Shiba Inu has already jumped by over 5,146% from its all-time low.
Such a move would bring Shiba Inu’s market cap to almost $120 billion from the current $12 billion. Cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana have already crossed that milestone. And with SHIB being a pioneering meme coin, such a move cannot be ruled out.
Shiba Inu Price Prediction And Key Targets
The weekly chart shows that the SHIB price has dropped sharply in the past few weeks. This retreat happened after the coin peaked at $0.000033. On the positive side, SHIB has remained above the 50-week Exponential Moving Average.
The other positive sign is that it has slowly formed a falling wedge. Its upper side connects the highest levels since November, while the lower trendline connects the lowest point on Nov. 12.
The two lines are now nearing their convergence, meaning that a bullish breakout is possible any time now. Also, the wedge is a part of the bullish pennant pattern. Such a rebound would have the coin jump to the November high of $0.00003340, followed by the March 4 high of $0.0000455.
Shiba Inu Price chart
The bullish Shiba Inu forecast will be canceled if the coin drops below the support level at $0.00001565, its lowest level in October.
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