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Amid signs of renewed interest in meme cryptocurrencies, Shiba Inu (SHIB) has recorded a 10% gain today, showcasing a revival in market enthusiasm. Concurrently, the launch of a new meme coin, Scotty the AI, has captured attention, with its presale swiftly surpassing $3.5 million in funding.
Shiba Inu pump resumes as traders look past ATH
SHIB has enjoyed notable success this month, soaring 266% and adding a staggering $15 billion to its market cap.
The hype-fueled run reached a peak price of $0.000045, over halfway to its October 2021 ATH of $0.00008845.
But after such a triumph, Shiba Inu and the rest of the meme coin market cooled off, with SHIB consolidating between $0.00003 and $0.000038.
However, it appears that SHIB is gearing for its next leg up, bouncing off the $0.000031 mark and pumping 10% today.
Currently priced at $0.0000341, SHIB holds a $19.9 billion market cap and a $3.5 billion 24-hour trading volume.
Considering what it might do next, traders are notably optimistic.
Analyst Crypto Sheriff weighed in on X, noting that Shiba Inu was amid a symmetrical triangle and would likely break to the upside shortly.
The analyst did not offer a specific price target but urged market participants to “focus on higher goals because we are in the bull season now.”
However, one analyst who provided distinct targets was PullbackSignal. Posting on TradingView, Pullbacksignal forecasted potential highs of $0.0000580.
Having made the prediction last week when SHIB was trading at $0.00002371, the trade idea is already coming to fruition. Still, the analyst’s target leaves room for a 70% increase from its current price.
Yet, taking a longer-term outlook, analyst Alan Santana forecasts significantly more upside.
“Looking at this type of action, the first time volume goes so high after so long indicates that a new market cycle is starting. A very strong RSI supports the super-high volume. The chart is easy,” he wrote.
The analyst provided two price targets on the weekly time frame: $0.000057 and $0.00014.
Based on Santana’s prediction, $0.00014 may be SHIB’s bull market peak, surpassing last cycle’s high and providing room for a 311% increase from its current price.
However, other meme coins are also poised for significant gains. One of those is emerging presale Scotty the AI, backed to 10x by a leading analyst.
Trending presale Scotty the AI hits $3.5M
Parallel to SHIB’s performance, the Scotty the AI coin has quickly become a topic of interest among investors, distinguished by its unique blend of meme appeal and advanced technology.
Promising to leverage AI for enhanced blockchain security, Scotty represents a novel approach in the cryptocurrency sector, combining entertainment with practical utility.
This blend of AI and meme coin characteristics has led to significant investment interest, as evidenced by the $3.5 million already raised in its presale.
Analyst Jacob Bury, known for his accurate crypto forecasts, has highlighted Scotty the AI as having tenfold growth potential, further bolstering investor enthusiasm.
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