Shiba Inu (SHIB) Price Prediction: Analyst Predicts 17x Gains Ahead

A crypto market analyst predicted this Saturday that Shiba Inu price is eyeing 17x gains ahead. The bullish projection, in tandem with an 1800% SHIB burn rate

A crypto market analyst has predicted that Shiba Inu price is eyeing 17x gains. The bullish projection, in tandem with an 1800% SHIB burn rate surge, has soon garnered investor optimism. Price charts show bullish divergence on higher timeframe.

As the dog-themed meme coin has outpaced its rival Dogecoin, undermining its price gains in recent days, crypto market traders and investors are speculating if this prediction could come true amid a broader bullish market. SHIB price is constantly climbing up, gaining roughly 5% in the 24-hour period and 19% over the week.

Shiba Inu Price Prediction: Analyst Predicts 17x Pump

Analyst 'CryptoELITES' took to X, formerly known as Twitter, to share his thoughts on what’s next for Shiba Inu price. In a recent post, the analyst stated, “Why Not a 17 X for Shiba Inu price?”

According to the crypto analyst, Shiba Inu is now in a strong buy zone, and a massive rally is on the cards. A strong buy zone on a crypto’s price chart underscores an area where the price is usually undervalued. Buyers may step into the SHIB market at this point, offering support and thus uplifting the price. In turn, this stat paves the way for an upcoming rally, bringing heightened buying pressure to the asset.

The meme coin’s price is gearing up for a 1600% increase to the $0.0002 price level, paves the analyst's bold prediction. At press time, SHIB coin's price trades at $0.00001462, up 5% over the day and 19% over the week. Its 24-hour low and high were $0.00001383 and $0.00001521, respectively.

Shiba Inu Burn Rate Surges 1866%

Recent burn statistics have also fueled investor optimism about the dog-themed meme coin's future price prospects. The 24-hour price.io data signaled that 15.18 million SHIB tokens were burnt from the supply, resulting in an 1866% surge in the SHIB burn rate. This statistic has suggested that the crypto's supply again took a severe hit, shredding down to 589.25 trillion tokens at the time of reporting.

For context, the token burn mechanism permanently reduces the supply by sending coins to a null address, making their retrieval impossible. Thus, traders and investors are anticipating price gains ahead, abiding by the economic principle of supply and demand. Shiba Inu price's current rising action also aligns with the blow to the supply.

Higher Timeframes Show Bullish Divergence For SHIB

On higher timeframes SHIB (Shiba Inu) price is starting to breakout signalling that bottom is in for SHIB price. The token is gearing for a massive 100% move to $0.00003 as a first short term price target. As Bitcoin price regains $95k, the rotation from large caps to memecoins may kick in soon.

On the other hand, SHIB has also outpaced DOGE with its recent gains. Dogecoin price has managed to gain only 15% over the week and 3% over the day, closing in at $0.1850. Besides, SHIB price prediction by CoinGape revealed that bulls currently dominate the meme coin, as per the 3-month bias indicator.