As a seasoned researcher with over two decades of experience in the financial markets, I have seen countless bubbles and corrections throughout my career. The recent performance of Shiba Inu (SHIB) reminds me of the infamous tulip mania from centuries ago – a speculative frenzy driven by hype rather than fundamental value.
TL;DR
- SHIB faced a sharp correction after a brief rally in September but is showing signs of recovery.
Some analysts predict a potential bull run, but extreme targets (e.g., $0.01) are unrealistic.
SHIB Rally in the Following Weeks?
Last September, the well-known meme coin garnered attention with its price hitting a three-month peak and its market value momentarily surpassing $12.5 billion. The crypto community was optimistic that the coin would yield further profits in October, considering it as a historically prosperous period for the entire cryptocurrency sector.
Despite the general assumption, however, the sector underwent a significant downturn. Shiba Inu (SHIB) was one of the hardest hit assets, plummeting to around $0.00001570 on October 3. Since then, it has managed to recoup some of these losses and is currently trading at approximately $0.00001738, as per CoinGecko’s data.
Regardless of its recent unstable behavior, certain experts are still confident that SHIB could transition into a bull market phase in the near future. The user X, known as CRYPTO SHERIFF, shares this optimism. He pointed out the asset’s recovery after the dip, suggesting that “the upward trend will gain momentum” shortly.
Apart from numerous analysts who are optimistic about SHIB, user Yoddha on platform X is another voice predicting bright days for the token. Earlier this week, they suggested that the price pattern has formed a distinct triangular shape, potentially leading to a 130% surge if it breaks towards an upward direction.
How About a SHIB Price Explosion to $0.1?
Some dedicated supporters of the meme coin frequently jest that a target of 1 cent is achievable, as they believe Shiba Inu still has significant potential for growth over the coming years.
It’s important to point out that a rally of such magnitude would necessitate a market cap exceeding an astonishing $58 trillion. However, at present, the combined value of all cryptocurrencies doesn’t even reach $2.3 trillion, which makes such an assumption seem rather far-fetched.
The user of X, Altcoin Daily, provided their thoughts on the subject, clarifying that the situation as suggested was highly improbable.
I’ve come across a conversation where someone mentioned buying SHIB, claiming that if its price merely reaches 1 cent next year, they would become a millionaire. However, given SHIB’s current market capitalization, this scenario is highly unlikely. To better understand the value of coins, it’s crucial to grasp the difference between market cap and price.
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2024-10-08 10:28