Analyst Predicts Shiba Inu (SHIB) is on the Brink of a Remarkable 8-Month High. Here’s the Price Target

A prominent advocate for Shiba Inu (SHIB) has recently made a bold prediction. According to $SHIB Knight (@army_shiba), SHIB is gearing up for a remarkable surge that could propel it to an eight-month high, potentially reaching around $0.00003. This forecast comes at a time when the broader cryptocurrency market seems stuck in a downtrend.

In a recent post on X, the analyst expressed strong confidence that Shiba Inu (SHIB) has finally bottomed out and is ready for an impressive upswing. $SHIB Knight points to a sustained accumulation at the current price level as a sign of the impending surge.

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Despite Shiba Inu’s recent underperformance, it enjoys unwavering support from a dedicated community. This commitment is evident in SHIB’s continuously increasing burn rate.

For newbies, token burning involves sending cryptocurrencies to official wallets that can’t be accessed, effectively taking them out of circulation, and this has always been a core part of the Shiba Inu ecosystem. This process reduces the available supply of the cryptocurrency, potentially leading to price appreciation when matched with increased demand.

Shiba Inu (SHIB) recently experienced a minor surge as the burn rate increased, and if this prediction pans out, we could see this same cycle play out on a bigger scale. The uptick in token burn rates aligns with significant developments in the Shiba Inu ecosystem. The most notable is Shibarium, its layer-2 scaling solution. Shibarium has recently achieved record-breaking transaction volumes shortly after its relaunch.

SHIB Army Responds

The SHIB community received this information with excitement, with many agreeing with $SHIB Knight and anticipating the arrival of this surge. One user stated that the current run feels the bottom and added that everyone would have diamond hands from now on.

Although SHIB Knight didn’t specify a timeline for this prediction, another user added, “2024 is the year.” Another user predicted that SHIB would lose three zeros, sending it to an astonishing $0.007226 from its current price of $0.000007226.

Read Also: Bigger Entertainment Founder: Shiba Inu Burning Initiative Would Drive SHIB Price Up To $0.01

However, not everyone shares this favorable sentiment. One user called $SHIB Knight’s prediction the “funniest joke of the year.” Another told $SHIB Knight to keep dreaming, stating that XRP was a better option.

Shiba Inu (SHIB) appears to be on the brink of a potential resurgence, aiming to reach heights not witnessed in eight months. With an increasing token burn rate and promising developments within Shibarium, all signs point to a bright future for SHIB.

Although token burning is necessary, Shytoshi Kusama, the lead engineer of the Shiba Inu ecosystem, has stated that SHIB needs adoption and not only burns for its price to skyrocket.

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