Shiba Inu is gradually emerging as one of the standout performers in the ongoing crypto bull run.
Although Shiba Inu’s price action has not been dramatic, market watchers have found reasons to believe a major price storm is imminent.
In a tweet, widely followed market analyst “Cantonese Cat” asserted that no one is selling SHIB. According to him, sell-side volume is almost non-existent. He stressed that at the moment, it only takes a small push from the bulls to finally defeat the bears that have limited Shiba Inu’s uptrend for an extended period.
Notably, Shiba Inu has been in a bearish trend for over a year since March 2024. During this time, the price of Shiba Inu plummeted by 77%, from $0.000045 to $0.00001004.
While Shiba Inu attempted to stage a comeback at least twice during this period, the bears overpowered those bullish efforts. As a result, SHIB came dangerously close to adding another zero to its price.
Meanwhile, according to Cantonese Cat, this entire bear trend will reverse in a big way with minimal effort from the bulls soon.
Efforts from Shiba Inu Bulls
Notably, on July 10, large Shiba Inu holders (controlling at least 0.1% of supply) bought 1.81 trillion SHIB. This marked a 422% increase from the previous day and a 1,247% increase compared to a month ago.
This move coincided with SHIB’s price pushing above $0.000013 for the first time since June 11. Despite 1.28 trillion SHIB exiting large wallets the same day, net inflows indicate continued accumulation.
At press time, SHIB is trading at $0.00001375, up 4.6% today. Its weekly performance now shows an impressive 17% gain. Although at this price SHIB is trading at a monthly high, analysts believe it is still far below where it ought to be.
What Price Should SHIB Target?
Although Cantonese Cat was silent about how high SHIB could rise in the expected bull run, other market watchers have boldly shared their targets.
In a separate post, widely followed community figure “SHIB Spain” remarked that SHIB is going much higher after overcoming key resistance. His accompanying chart suggests SHIB could target prices above the $0.000018 level in the short term. Meanwhile, this analyst hopes SHIB will reach $0.0001 in the long term.
Likewise, in another analysis, market watcher Crypto Candy highlighted SHIB as the OG meme coin, saying the asset is now making a serious move to rebound on the daily timeframe. He went on to highlight several expectations he has for the coin.
His most immediate target for Shiba Inu is for the coin to challenge $0.00001718 amid the ongoing breakout. After successfully overcoming this level, he expects a continuation to $0.00002502. If the bulls push further, the coin could rechallenge its December high of $0.00003324 before moving higher.
Skepticism Remains
Meanwhile, amid the bullish posts, skepticism abounds about Shiba Inu’s potential. Some argue that OG meme coins like SHIB have had their day and may not deliver anything promising for holders anymore.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
