As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets, but none quite like the world of cryptocurrencies. The potential for Shiba Inu (SHIB) to skyrocket by an astounding 44,000% is a phenomenon that I find both intriguing and somewhat reminiscent of the Dotcom Bubble of the late ’90s.
The value of Shiba Inu coins has experienced a dip similar to other market assets, falling by approximately 10.5% and currently trading near $0.00001652. Despite the drop, this meme-based cryptocurrency remains highly regarded in the crypto community due to its potential for significant growth. A renowned trader speculates that the price of Shiba Inu could surge as high as 44,000% under specific circumstances, but such an increase is contingent upon meeting certain conditions.
Shiba Inu Price If It Skyrockets 44,000%
A cryptocurrency expert who used to work for IBM’s blockchain team and currently analyzes digital currencies has forecasted an astronomical increase for Shiba Inu. This trader believes that Shiba Inu might be on the verge of a 44,000% surge in price, mirroring its initial price jump when it was first launched.
#SHIB appears to be a powerful weapon, with its initial massive surge being an astounding 44,000% increase. If and when the price breaches this long-term rectangle, it could potentially reach a level corresponding to the 2.618 Fibonacci extension, which is another 44,000% increase from its current value. I have a feeling that meme coins might pave the way into the next cryptocurrency cycle…#cryptolovesfibs
— Our New World 2.0 (@EasychartsTrade) September 30, 2024
As an analyst, I find myself examining the past performance of SHIB and projecting potential outcomes. If the price of SHIB were to burst free from its current extended period of consolidation, it might pave the way for events similar to those we’ve seen in its history.
As the trader suggests, meme coins might be guiding the cryptocurrency market towards the final stage of this upward trend. If Shiba Inu’s (SHIB) current price increases by a staggering 44,000%, it would reach approximately $0.00726.
Meme Coins Could Lead the Next Cycle
Meme tokens stand out because they have robust community backing and tend to spread rapidly online. Take DEGEN for example; it managed to secure a possible listing on Coinbase along with its io.net counterpart (IO). Yet, the reaction in their respective cryptocurrency markets is significant.
Assets added to the roadmap today: (IO) and Degen (DEGEN)
— Coinbase Assets (@CoinbaseAssets) October 1, 2024
In just under a day, DEGEN experienced an unprecedented surge of more than 100%, while the value of IO declined by 14.9%. What sets Shiba Inu apart is its vibrant community. The blend of technical indicators and infectious community excitement makes Shiba Inu a cryptocurrency worth keeping a close eye on.
Can SHIB Price Reach $0.00726?
Currently, the market value of Shiba Inu stands at approximately 9.7 billion dollars. A staggering 44,000% increase in its price would multiply the market cap by an astonishing 440 times, leading to a mind-boggling valuation of around $4.268 trillion.
To put SHIB‘s current market cap into perspective, it represents just 0.42% of the overall crypto market. For SHIB’s market cap to reach a staggering $4 trillion, the total value of the cryptocurrency industry would need to expand to an incredible $1 quadrillion. If this were to happen, Bitcoin‘s market cap would balloon to an astounding $542 trillion, with its price reaching approximately $27 million per coin.
These figures are impossible because, as it stands, the entire global money supply is only 89 trillion.
With its current supply of over 589 trillion tokens, achieving a $4 trillion market cap for Shiba Inu is unlikely due to its immense size. However, if the rate at which Shiba Inu tokens are burned significantly increases, the price prediction indicates that SHIB could potentially surge more than 440 times without disrupting the global financial market. The ShibBurn platform reports a 92% decrease in the burn rate over the past 24 hours.
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2024-10-02 14:32