The price of Shiba Inu could be about to rise by 115%.
A key catalyst for the rebound will be Ethereum's move to $4,000, as traders at Polymarket anticipate.
It has formed an inverted head and shoulders pattern and is in the third phase of the Elliot wave.
Shiba Inu (SHIB) is about to explode following Bitcoin's rise to an all-time high. Data from Polymarket shows that the odds of Ethereum reaching $4,000 are increasing, which could provide a boost for the SHIB coin, a meme token based on ETH. Since this meme coin tends to follow Ethereum's movements, a push from ETH to $4,000 could also trigger the price of Shiba Inu.
On May 23, SHIB trades at $0.00001497 and is on the verge of a significant breakout supported by Ethereum's bullish outlook.