- Crypto analyst Mark.eth has identified a bull flag pattern developing on SHIB’s weekly chart
- The pattern originated on January 27 after an 18.5% correction
- This could be a big boost to meme coins in general, considering Shiba Inu has a big influence, holding over 10% of the meme coin market cap
A crypto analyst Mark.eth has identified a bull flag pattern developing on SHIB’s weekly chart. He argues that once Shiba Inu breaks out, it could spark a mega bullish rally affecting meme coins broadly.
The pattern originated on January 27 after an 18.5% correction, and Shiba Inu has followed this flag structure for 7 months, forming lower highs and lows.
SHIB rallied to $0.00001597 last week but dropped 18% to $0.00001305. Interestingly, this recent high once again hit the flag’s resistance line, just like the earlier May 12 high of $0.00001765, which also led to rejection.
Additionally, Mark.eth also mentioned that this could be a big boost to meme coins in general, considering Shiba Inu has a big influence, holding over 10% of the meme coin market cap.
Other analysts have a similar opinion. For instance, Shib Spain expects a rebound from $0.000012 support to drive a rally toward $0.0001, implying a 666% increase from current prices. Others predict a move to $0.00017 based on a double bottom formation, while TradingView analysis from BITfinity forecasts a breakout to $0.0001 due to a 3-year symmetrical triangle pattern.
Because of its high influence on the meme coin market, SHIB’s price action is highly watched, and a breakout could reignite retail enthusiasm in meme coins, following the latest slowdowns in hype.
Meme coin market cap exploding in July
The meme coin sector experienced a large surge in July, with its market capitalization expanding by at least 30%. The sector’s value climbed from around $55 billion to roughly $72 billion by mid-month, ultimately peaking at about $83.5 billion recently.
While Dogecoin and Shiba Inu remain the dominant force, some new players have shown up. Namely, Little Pepe (LILPEPE), which is an Ethereum-compatible meme token, completed its Stage 7 presale in days.
To date, Little Pepe has accumulated more than $13.7 million in funding, and some analysts project it could achieve between 20 and 312 times returns depending on infrastructure rollout.
Still, to this day, meme coins remain heavily sentiment‑driven, often detached from the fundamentals where viral culture, influencer support, and community narratives fuel rapid price swings.
However, if the analysts’ SHIB projection proves to be true, a potential meme frenzy may be on the horizon.
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