Shytoshi Kusama, the lead developer of Shiba Inu, is supporting a bold claim that the meme coin could achieve a market cap of $100 billion, leading to discussions in the cryptocurrency community.
Shiba Inu’s recent surge of 200% has sparked predictions of reaching a market cap of $100 billion, which would require a 553% increase.
Shiba Inu (SHIB), the second-largest meme coin, has caught the attention of the crypto community with a recent bold prediction and has gained over 200% in the past week. Shytoshi Kusama, the lead developer, has reposted a statement speculating that the meme coin could reach an astonishing $100 billion market cap in the current cycle.
This statement has sparked discussions about Shiba Inu’s market potential and its impressive recent performance.
Shiba Inu’s current market position reflects its rollercoaster journey, surpassing major cryptocurrencies with a significant 200% gain. According to the latest data from CNF marketcap, SHIB’s price is $0.000036, showing a 5.84% increase in the past 24 hours. Notably, 73% of SHIB holders are profitable, indicating a strong investor sentiment. The coin also maintains a strong price correlation of 0.79 with Bitcoin, highlighting its resilience in the market.
While Shiba Inu currently holds the 11th position with a market capitalization of $15.3 billion, reaching the $100 billion mark would require a monumental increase of approximately 553%. This ambitious target necessitates significant market demand and unwavering investor confidence. Currently, only three cryptocurrencies—Bitcoin, Ethereum, and Tether—have market caps exceeding $100 billion, emphasizing the magnitude of Shiba Inu’s challenge.
Massive transfers of SHIB have raised concerns. On-chain data reported by the blockchain tracker Whale Alert reveals a staggering transfer of 1.9 trillion SHIB in the past 24 hours. These transfers, conducted through three massive transactions, have captured the attention of crypto market participants. Two significant transfers took place between Wintermute and Binance, both centralized exchanges, while the third involved the exchange of 1.45 trillion SHIB between two undisclosed wallets. Despite the confidence shown by these large transactions, SHIB’s current trading in the red raises speculation about its market dynamics and the potential impact of these transfers on its price.
Despite the recent surge in Shiba Inu’s price, derivatives data suggests a prevailing bearish sentiment in the market. Traders appear hesitant to take long positions, contributing to a sense of caution. The current red trading status raises questions about the potential influence of the massive SHIB transfers on the coin’s trajectory, with investors closely watching for signs of a potential rise to the optimistic level of $0.0001.
Shiba Inu’s rise can be attributed to several factors, including its position as the second-largest meme coin after Dogecoin. The success of other meme coins, such as Dogecoin, Bonk, and Floki Inu, has contributed to a bullish market for SHIB. Increased buying tendencies, highlighted by Rune Christensen’s significant SHIB purchases, have further fueled the coin’s rally.
Another key driver is the introduction of the Shib Name Service (SNS) 1.1 version, which allows users to create personalized tokens, as reported by Crypto News Flash. This feature enables customization of web3 identity with gamertags and digits, incorporating Self Sovereign Identity (SSI) into Shiba’s projects. The scheduled release date for SHIB Identity’s first step is November 1, 2024.
Despite the surge, derivatives data suggests a prevailing bearish sentiment in the market. Traders appear less willing to invest in long positions, raising questions about the sustainability of SHIB’s rally. The market dynamics and massive transfers present a nuanced picture of Shiba Inu’s current position and its potential for further growth.