Shiba Inu Price Prediction: SHIB to Replicate 2021 Bull Run?

Shiba Inu (SHIB) coin price has regained a bullish stance with more than 3% in one week, giving indications of another bull run in the meme coins sector. Analysts have started comparing it to Shiba Inu’s 2021 performance that marked the beginning of the altcoin season.

Crypto analyst Paul Schmitt highlighted similarities between current conditions and the early stages of the 2021 bull market. Given that meme sentiment is back and social media is a driver to hype, top meme coin price could well again define the crypto cycle.

Analyst Drew 2021 Shiba Inu (SHIB) Price Parallels

Crypto analyst Paul Schmitt recently shared a report via X, comparing today’s crypto market conditions to those of April 2021. He noted that investor fatigue and market consolidation were dominant themes back then, just as they are now. SHIB’s surprising breakout in 2021 shifted the entire market narrative within weeks.

In April 2021, SHIB price surged from $0.000000060 to $0.00000362 in just 19 days. This parabolic move disrupted a stagnant market and triggered renewed interest in riskier assets.

According to Schmitt, that breakout catalyzed the altcoin season, as retail investors flooded back into the space.

He now sees similar signs building. Bitcoin remained range-bound, and traders are beginning to turn attention to meme coins again. However, this level of activity raised interest, although SHIB has not been very active recently.

Schmitt said that such early energy might look like SHIB’s movements at the beginning of 2021 and might mean the return of the meme phase.

SHIB Price Action and Bullish Sentiment

Notably, at press time, Shiba Inu price traded at $0.00001230, falling 1% in 24 hours but up 2% over seven days.

Despite the modest gains, SHIB price has outperformed other meme tokens, showing strength around the $0.000012 level. Monthly gains were slim at 0.9%, but this slow buildup is being interpreted as healthy consolidation.

Furthermore, social media has also played a growing role in shaping sentiment. A viral meme posted by Crypto Shib depicted SHIB price exploding to $0.01 in a dramatic parabolic arc.

While not rooted in technical analysis, the meme has struck a chord with retail traders. His statement, Shiba Inu will make you a millionaire, echoed the excitement of SHIB’s 2021 movement.

Despite these being exaggerated narratives, they lead to sentiment-based price movements of the meme coins. As they spread, so does their psychological appeal, particularly to relatively new retail investors seeking high-risk opportunities. SHIB price took advantage of this renewed interest, and given that volume can move it much stronger.

Market Conditions Remain Comparatively Subdued

Bitcoin price has been consolidating between $84,000 and $88,000 with minimal volatility. Ethereum and other large-cap coins, in particular, have been unable to sustain the bullish run that they started in recent weeks. However, SHIB has looked strong as it is observed to be performing much better among meme coins in the last week.

Interestingly, this was similar to the beginning of the year 2021 where large-cap coins were rather dormant while meme coins began to capture retail attention.

The combination of technical consolidation in major assets and rising enthusiasm for SHIB supported Schmitt’s observation of historical patterns repeating. If the top meme coin price continues to gain while the broader market sleeps, it may again take the lead role in triggering a breakout.

Shiba Inu is not only cheap but exhibits matching sentiment and time structures, making its current price movements similar to what is worth watching. According to analysts, retail-led rallies start inconspicuously, before institutional investors join in. Shiba Inu price appeared to be in that quiet phase again now and is not showing too much volatility.

Shiba Inu Coin Price 2021 Rally and Market Impact

SHIB’s 2021 bull run remains one of the most memorable meme coin rallies. Shiba Inu coin price increased from $0.000000060 to $0.00008845 within seven months, which is a significant increase. The token not only embarked on leading discussions in the meme coin category but also contributed to encouraging the use of other cryptocurrencies.

More so, the SHIB ecosystem has developed with the creation of Shibarium, a burn and staking mechanism. Although the pattern might not be an exact mirror image, the fundamentals present today indicate that another big move can occur.

The post Shiba Inu Price Prediction: SHIB to Replicate 2021 Bull Run? appeared first on The Coin Republic.