The price of Shiba Inu SHIB/USD, the second-largest meme coin, is predicted to see a significant uptick, says renowned cryptocurrency analyst Zach Humphries.
What Happened: Humphries foresees a five- to six-fold price surge for SHIB, given the current market dynamics. The analyst, a highly regarded figure in the Shiba Inu community, underscored the increasing momentum of SHIB and its potential to ride on the coattails of Ethereum’s growth.
In a video post on YouTube, Humphries delved into SHIB’s technical, emphasizing the potential to breach the $0.00002960 resistance level. He proposed that this could trigger a bullish rally, possibly leading to a sixfold gain if Ethereum hits the $7,000–$8,000 range.
"Shib and Pepe are primed and ready to go. I think it's coming. Ethereum is starting to show signs, it's quiet right now, but it won't be quiet for very long," he said.
On-chain data from IntoTheBlock reveals a steep 82% increase in SHIB's Large Holders Netflow within the past day, with 2.4 trillion SHIB worth approximately $72 million moving into whale wallets. This surge often signals reduced selling pressure, setting the stage for upward momentum.
Also Read: Shiba Inu’s 208% Surge This Year Sparks Predictions Of Top 10 Crypto Ranking In 2025
Humphries further said, "If SHIB breaks that $0.2960 level, look out… we could start to make another push back into the mid-threes," he stated, adding "I think as long as eth gets to seven to $8,000, we're probably getting a you know 10x out of PEPE and probably a five to six out of SHIB minimum."
At the time of writing, SHIB was trading at $0.00002729, reflecting close to 3% drop in the past 24 hours.
Why It Matters: The predicted surge in SHIB’s price comes at a time when the cryptocurrency market is experiencing significant volatility. The potential for a five- to six-fold increase in SHIB’s value could attract new investors and further establish SHIB as a major player in the meme coin market.
The anticipated growth of Ethereum, which SHIB is expected to benefit from, could also contribute to a bullish rally for the meme coin.
The increase in SHIB's Large Holders Netflow is another positive sign, indicating a decrease in selling pressure and a potential for price growth.
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