Crypto analyst Daink (@TraderDaink) has sparked renewed interest in Shiba Inu (SHIB) with a buy strategy targeting a potential price surge. This comes despite a challenging market environment that has seen SHIB experience significant losses.
The cryptocurrency market has faced a sustained downturn recently, and SHIB has not been spared. At press time, SHIB was down 32.7% in June, trading at $0.0000172. Cryptorank data shows that this is SHIB’s worst performance since May 2022 when it dropped 42.1%.
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In May, SHIB was affected by the Terra ecosystem collapse, and the current decline can be attributed to its inherent volatility as a meme coin. However, this volatility amplifying price movements during downturns can also fuel significant gains during uptrends.
Data from Santiment reveals that SHIB’s one-week volatility consistently surpasses Bitcoin’s. This data indicates a more pronounced price fluctuation for SHIB. Unlike SHIB, Bitcoin has only dropped about 10% in the past month, showing more stability than the meme coin.
Interestingly, historical data suggests that periods of reduced volatility for SHIB, like the one currently observed, often precede price rallies. Daink believes this presents a potential buying opportunity in anticipation of an upcoming surge.
Daink’s Long-Term Investment Strategy
Daink’s strategy centers on acquiring and holding SHIB for an extended period until a specific price target is reached. His analysis suggests a potential price climb surpassing the $0.000088 mark, SHIB’s all-time high from October 2021.
SHIB is down 80.65% from its all-time high, but many other analysts share similar expectations for SHIB. A prominent analyst recently set a $0.0001 target for SHIB, which would also surpass its all-time high significantly.
Going even further, Casey Stubbs, a prominent crypto CEO, believes SHIB can reach a market cap of $1 trillion. This market cap will send the meme coin to an astonishing $0.016 with its circulating supply.
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Although these are lofty targets, many analysts have reiterated these targets and shared their confidence in a bullish future. Daink’s long-term approach also appears to resonate with a significant portion of the SHIB investor base.
According to IntoTheBlock data, about 76.8% of SHIB addresses, representing over 1.03 million investors, have held their tokens for over a year. This figure has grown steadily, highlighting the enduring faith of many investors in SHIB’s long-term potential. This confidence persists even amid the current market correction.
While the near-term future for SHIB remains uncertain due to the broader market conditions, Daink’s buy strategy and the prevailing investor confidence suggest a potential for significant growth in the long run.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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