Shytoshi Kusama, a leading figure behind the popular meme coin Shiba Inu (SHIB), recently acknowledged a bold prediction regarding its future market cap. While reposting a statement suggesting SHIB could reach $100 billion this cycle, Kusama remained cautious, adding a telling GIF implying the statement wasn’t his own. This has sparked debate within the crypto community: can SHIB truly reach such lofty heights?
SHIB has recently experienced a remarkable surge, with its value skyrocketing over 200% in the past week and significantly outperforming many established cryptocurrencies. As of now, it trades at $0.000035, boasting a strong holder base with 77% holding for over a year and 73% currently in profit. Additionally, SHIB maintains a significant correlation with Bitcoin, currently at 0.79.
However, achieving the coveted $100 billion market cap is a monumental feat. Currently, only three giants – Bitcoin, Ethereum, and Tether – surpass this mark. SHIB, with a current valuation of $15.3 billion, sits at the 11th position, trailing behind competitors like Cardano and Dogecoin. To reach $100 billion, SHIB would require a staggering 553% increase, demanding immense market demand and unwavering investor confidence.
Also Read: Mysterious Whale Transfers $41 Million SHIB to Robinhood: Will Shiba Inu Reclaim its All-Time High?
Recent developments offer a glimmer of hope. After an initial drop, SHIB has shown signs of recovery, currently trading at $0.000038. Bulls successfully defended a crucial support level and surpassed a key resistance point. Further gains could see SHIB breach the $0.000040 barrier, although this poses another challenge. Rejection at this level could trigger a downward trend.
Technical indicators like the Relative Strength Index (RSI) are currently at 62.20, suggesting a return of buying pressure. However, the bullish outlook remains contingent on sustained buying pressure. Any significant pushback from sellers could introduce bearish momentum.
While the journey to $100 billion is undoubtedly arduous, SHIB’s recent performance and dedicated community demonstrate its potential. Only time will tell if the meme coin can defy the odds and race to the top.
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