Shiba Inu, a famous meme coin, has secured a spot among the top 20 cryptos based on market capitalization. The SHIB team has been dedicated to ongoing development efforts and has taken on numerous projects. As a result, the Shiba Inu network has achieved significant benchmarks and milestones, earning recognition within the industry.
Also read: Shiba Inu (SHIB) Exhibits Optimism, Major Bullish Play on Track
After a downward trend in the crypto market over the past couple of days, there has been a reversal. SHIB has experienced multiple declines in the past, often attributed to various events. Let us look at how likely the meme coin is to break out.
Could SHIB exhibit a breakout soon?
Shiba Inu is trading at $0.00001042 at press time. The fact that the meme coin is holding above the critical support level of $0.00001 is itself a bullish sign. Analysts at BeInCrypto predict that this robustness could potentially witness a 380% price surge.
However, this alone can’t be a strong enough factor to guarantee such a movement. This should be coupled with overall market sentiment, increased institutional interest, and mainstream adoption for such a spike in value.
Despite a slight decrease in price since the announcement of Shibarium in the summer of 2022 and the release of Shiba Eternity in the fall, Shiba Inu is expected to rise steadily in value according to several market forecasts. In fact, over the past month alone, SHIB has experienced an upward climb. Additionally, with a potential bull cycle on the horizon, the upcoming summer could be quite profitable for Shiba Inu investors.