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The price of Shiba Inu (SHIB) has surged by 6% this week, with analysts predicting a 50% rally if key levels are broken. Meanwhile, PEPE's market cap has soared to $5 billion after hitting another all-time high.
Analysts Predict Shiba Inu Price Surge Amid Meme Coin Market Boom and Bullish Investor Sentiment
In a recent report by Cryptopotato, Ali Martinez, an X user, predicted that if SHIB broke "the upper boundary of this descending parallel channel at $0.00002444," its value would increase by 20%.
Dami-Defi was even more enthusiastic, suggesting that the token had formed "a falling wedge pattern on the 1D time frame." He predicted a 50% price increase if the current level was exceeded. They also predicted that "the meme season continues."
As CryptoPotato reported, numerous assets of that type, including PEPE, FLOKI, BONK, and many others, have recently seen considerable rises, while the niche's entire market valuation has surpassed $55 billion.
Del Crxpto, an X user with approximately 100,000 followers, is also among the bulls. Not long ago, he claimed to know "what's coming" in the future and, as a result, joined the SHIB bandwagon as an investor.
"I know the future, I know what's coming for SHIB. I will not share this information, as I do not want to tarnish my SHIB relationships. However, I will tell you this: I am accumulating $SHIB."
Rekt Capital and CRYPTO SHERIFF also provided feedback. The former remarked that SHIB's value has reached the same level as early 2022, implying that the price might skyrocket by triple digits if it crosses the critical resistance level of $0.00002741.
CRYPTO SHERIFF maintained that a "breakout" had already occurred and predicted a 350% surge shortly.
PEPE Token's Meteoric Rise: From $500 Million to $5 Billion Market Cap in Months
The frog-themed joke token Pepe (PEPE) has recently been crypto's rock star, with its price increasing by nearly 100% every month. It reached a new all-time high on May 15, and its market value increased to about $5 billion. The progress is considerable, given that the sum was about $500 million at the beginning of the year.
PEPE's surge confirmed its position as the third-largest cryptocurrency in the meme coin sector. Shiba Inu (SHIB) is in second place with a market capitalization of $14 billion, while Dogecoin (DOGE) tops the pack with more than $21 billion.
As expected, PEPE's comeback has rewarded investors. According to IntoTheBlock, some hours ago, 100% of the coin's holders were on paper profits. The current number is just as impressive, at 98%.
The meme coin, built on the Ethereum blockchain, debuted in April 2023 and quickly drew the attention of industry participants.
It got backing from significant figures in the crypto community, and leading exchanges began offering trading services with it. Binance, Coinbase, OKX, Bybit, and Bitget are prominent companies that are adopting PEPE.
The asset also enabled astute traders to achieve multimillion-dollar gains. However, individuals should be aware that such tokens can be highly dangerous due to their volatile nature, potentially resulting in devastating losses.
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