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A widely-followed crypto analyst says Shiba Inu (SHIB) could be turning the page on its long market cycle, with the canine-themed meme coin potentially on the verge of an explosive “rocket phase.”
SHIB Moves Into Recovery Mode After 5-Year Downtrend
In a recent post on X, analyst Sheriff highlighted SHIB’s five-year struggle beneath a descending trendline, underscoring the meme coin’s prolonged weakness. He also pointed to an extended consolidation near the lows, as sustained selling pressure kept SHIB trapped below major resistance levels.
However, Sheriff believes SHIB’s market structure has shifted dramatically. The token has broken above its long-standing descending trendline, potentially signaling an end to the prolonged decline and consolidation and the start of a new recovery phase.
Sheriff’s chart highlights the shift in SHIB’s market cycle. After hitting its $0.00008616 all-time high back in October 2021, the token entered a prolonged downtrend before spending months consolidating near its lows. SHIB has now broken above the descending trendline, signaling a potential transition into a new recovery phase.
Following that breakout, Sheriff thinks SHIB’s recovery could be just the beginning. In his view, the meme coin could eventually enter a so-called “rocket phase,” setting the stage for a potentially exuberant rally.
 
His assessment of SHIB’s evolving market structure is straightforward: “Decline, consolidation, recovery, and the rocket phase.”
Although Sheriff stopped short of giving a specific price target, he hinted that the anticipated breakout could be closer than many expect, stating: “And it won’t be long now!”
The expert’s bullish view follows SHIB’s recent price surge above $0.00000617, although the meme coin has since retraced and is currently hovering around $0.00000541, according to CoinGecko data. The dog token now carries a market cap of $3.19 billion on almost $85 million of daily volume.
Despite the pullback, Sheriff remains optimistic, arguing that the broader chart structure continues to support the possibility of another powerful upside move.
Shiba Inu debuted in August 2020 as an Ethereum-based token created by the pseudonymous developer Ryoshi. It entered the market with an ambitious “Dogecoin killer” narrative, initially offering little beyond its meme-driven appeal.
Since then, the project has expanded beyond its meme-coin roots with Shibarium, a layer-2 network, and a wider ecosystem of tokens and applications. However, SHIB remains 93.7% below its 2021 peak, with its price still heavily influenced by retail sentiment and speculative demand rather than ecosystem activity alone.