TL;DR
Shiba Inu achieved a two-year high in its price last month, topping the list of the most-traded digital assets on one popular cryptocurrency exchange.Despite a recent price dip, multiple analysts, including prominent figures on social media platforms, predict a bullish future for SHIB, with forecasts ranging from reaching all-time highs to doubling in price.Shiba Inu’s Success Last Month
The second-largest meme coin experienced a solid rally in March, with its price charting a two-year high at the start of the month. The pump caught the eye of numerous traders, and many jumped on the bandwagon, attempting to make substantial profits.
The hype surrounding Shiba Inu could be one reason why the token topped a prestigious list. The leading Indian cryptocurrency exchange, WazirX, revealed that the self-proclaimed Dogecoin-killer was the most traded digital asset on the platform for March. SHIB surpassed Bitcoin (BTC), Pepe Coin (PEPE), Floki Inu (FLOKI), and Dogecoin (DOGE), which followed next.
Top five traded coins on WazirX in March’24:
$SHIB
$BTC
$PEPE
$FLOKI
$DOGE
Which one did you trade the most? pic.twitter.com/ENCCWQ4RNV
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 2, 2024
This is not the first time the meme coin has found a spot on WazirX’s rankings. As CryptoPotato reported, Shiba Inu was the second-most traded cryptocurrency on the platform in 2023.
SHIB Price Predictions
Despite the progress in March, Shiba Inu did not start April on the right foot, recording a price decrease of around 10% on a weekly scale. However, multiple analysts remain certain that a new bull run is just around the corner.
Last week, the popular X user Rekt Capital suggested the asset’s value could reach its all-time high should it surpass the major resistance level of $0.000033285.
Captain Faibik was bullish, too. They presented a chart, according to which SHIB is on the verge of a 2x price increase.
Last but not least, the early Bitcoin adopter, using the X handle Davinci Jeremie, claimed Shiba Inu is an asset cryptocurrency investors should have in their portfolios. The individual is well-known in the crypto community for advising people to invest just $1 into BTC more than a decade ago when its price stood at less than $100.