Analyst Bullish on Shiba Inu, Sees 235% Surge Despite Recent Fall

The cryptocurrency market has shown resilience following a significant downturn, with Shiba Inu (CRYPTO: SHIB) leading the recovery.

What Happened: A prominent market analyst predicts the dog-themed token could achieve a massive 235% rise, reaching a new yearly high of $0.00005816.

The broader crypto market faced turbulence earlier this week, as Bitcoin (CRYPTO: BTC) plunged over 10% in two days, causing a ripple effect across altcoins.

Shiba Inu retraced to a key support level around $0.0000185 during this period. However, SHIB has rebounded impressively, surging 28% from its lows and trading above $0.0002216 as of Saturday morning. According to Benzinga Pro, It is almost up by 9% in the last 24 hours.

Renowned analyst Dollars Maker shared a bullish outlook on Shiba Inu in a recent TradingView post. He noted that the token has further upside potential, outlining three ambitious price targets. According to Dollars Maker, SHIB could first see a 92% increase to $0.00003339, followed by a 163% surge to $0.00004566.

Also Read: Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally

Ultimately, the analyst predicts SHIB will achieve a 235% spike, hitting $0.00005816. This would surpass its previous high of $0.000045 recorded in March 2024, but no specific timeline was provided for this projection.

Shiba Inu's recent recovery and growing optimism among analysts suggest that the token may be gearing up for significant gains, making it a focal point for crypto enthusiasts in the weeks ahead.

The meme coin surged by 208% so far in 2024, catapulting its market capitalization to $18.28 billion.

According to data from Benzinga, SHIB's market cap has been steadily increasing since September, with capital inflow into the Shiba Inu network propelling the ecosystem's market cap from $7.57 billion in the first week of September to $19.41 billion as of December 5.

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