As a seasoned crypto investor with a knack for navigating market trends and understanding the intricacies of various projects, I find myself both intrigued and cautious when it comes to Shiba Inu (SHIB). The recent price surge has indeed been impressive, but several factors suggest that we might be nearing the peak.
TL;DR
- Shiba Inu (SHIB) has experienced a notable price increase recently, but stagnation in Shibarium’s advancement and other factors indicate a potential downward pressure.
- Despite these warning signals, some analysts remain highly optimistic, outlining bold predictions that SHIB’s market cap could reach extreme levels.
SHIB’s Rally About to End?
Shiba Inu, or SHIB for short, has seen a strong comeback in the last month, significantly increasing its price by more than 40%. As of now, according to CoinGecko’s data, it is trading at approximately $0.00001865. Interestingly, its value has risen by about 5% within a single day.
Possible factors that could have influenced SHIB’s price surge might be the general rebound in the cryptocurrency market, where Bitcoin (BTC) momentarily surpassed $68K, and the upward trend within the meme coin sector as a whole.
Although some indicators point towards potential discomfort for Shiba Inu bulls in the upcoming period, there are a few factors to consider. One such factor is the increase in SHIB exchange netflow over the past few days. This trend suggests that users are moving away from self-custody methods and toward centralized platforms instead. This change could lead to an immediate increase in selling pressure.
Moving forward, we find ourselves discussing the slow advancement of Shibarium. The daily transaction volume on its layer-2 blockchain platform has remained relatively low, around 10,000 since the beginning of the month. This is significantly less than the numbers seen at the start of the year, where transactions were in the millions.
Shibarium serves as a platform that nurtures the growth of the Shiba Inu ecosystem by boosting speed and scalability. If it fails to perform optimally, this could potentially decrease investor enthusiasm and trigger a drop in price. For the latest news about our ecosystem, explore our Shibarium updates.
Last but not least, we will focus on SHIB’s burning mechanism. The burn rate is down approximately 36% today (October 18), with only 5.7 million tokens sent to a null address.
The purpose of this program is to decrease the number of meme coins in circulation, making them less common and possibly more valuable over time if demand stays steady or increases. However, if fewer tokens are destroyed, the supply will remain large, which might slow down SHIB’s price increase.
Wild SHIB Price Predictions
Despite the suggested factors pointing towards a possible correction, I personally believe that Shib may continue its upward trajectory in the upcoming period, according to certain market analysts’ expectations.
Previously this week, content creator Jake Gagain made a vow to deactivate his X account if the market capitalization of the meme coin didn’t surpass $100 billion. At present, it appears that this is rather improbable, as the figure would need to increase nearly tenfold in order to reach such a high level.
Jeremie Davinci expressed strong optimism regarding meme coins. He foresees a massive expansion within this niche, anticipating that its market capitalization could potentially surge to an astounding $1 trillion during this cycle. At present, the sector’s capitalization hovers around $60 billion, which represents only 6% of the projected target.
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2024-10-18 16:38