A recent notable brim in the crypto market is the case of Shiba Inu (SHIB), a digital currency that has recently been the subject of intriguing forecasts by Michael, a seasoned crypto market analyst renowned for his expertise in the Elliott Wave theory. Despite the recent market corrections, Michael’s analysis suggests a bullish future for SHIB, projecting it could reach the notable price level of $0.0001.
Michael’s prediction is rooted in a detailed analysis of Shiba Inu’s price movements. Utilizing a 3-day chart, he traces the currency’s journey since its drop to $0.00000671 in October 2023. According to his analysis, SHIB completed its first wave at $0.00001195 in December 2023 and underwent a second-wave retracement to $0.00000879 in January 2024. The recent peak of $0.00004567, reached earlier this month, represents the third wave in this structure, followed by the current fourth-wave correction. Michael is confident that the completion of this correction will usher in the fifth and final wave, potentially propelling SHIB to his target price level.
In another surprising development, Ethereum founder Vitalik Buterin has publicly acknowledged that Shiba Inu has exceeded his initial expectations. Buterin’s comments came while responding to a statement from Nathan Young, a Web Designer and Director at Frostwork. Young had highlighted the crypto holdings of the Future of Life Institute (FLI), a non-profit focused on AI research and a beneficiary of Buterin’s SHIB donations.
In May 2021, Buterin, having received half of SHIB’s total supply from its anonymous founder Ryoshi, chose to burn a significant portion and donate the rest to various non-profits, including FLI and CryptoRelief. Contrary to his expectations, the value of these tokens skyrocketed, with FLI’s SHIB holdings alone amounting to $665 million. Buterin admitted that he had initially anticipated a crash in SHIB’s value post-donation.
These developments paint a complex picture of the crypto market’s unpredictability and potential. While analysts like Michael offer grounded predictions based on market analysis techniques such as the Elliott Wave theory, even seasoned crypto pioneers like Buterin find themselves surprised by the market’s dynamics. As Shiba Inu navigates its purported fifth wave, and with influential figures like Buterin acknowledging its unexpected success, the token’s journey remains a testament to the volatile yet intriguing nature of cryptocurrency.
