The altcoin known as Shiba Inu (SHIB) has undergone a remarkable transformation, shifting from a speculative meme coin to a utility-based cryptocurrency. As a result of this notable adoption, industry experts anticipate that SHIB’s market capitalization will exceed $100 billion during the current crypto bull cycle.
Shiba Inu, an Ethereum-based meme coin and the second-largest dog-themed altcoin, has recently made a transition from a bear market consolidation to a bullish stance. With a fully diluted valuation of approximately $30 billion and nearly 1.4 million holders, this large-cap meme coin has experienced a significant rally, surging by over 181% to trade at around $0.000030 during the London session on Friday.
In terms of short-term price expectations for SHIB, the Shibarmy is highly motivated to drive the meme coin to new all-time highs in the coming months, following a strong breakout from a cup with a handle base in February. The Shiba Inu community is particularly excited about the progress made with the Shibarium layer two solution, which has seen over $3.6 million locked in the network by various web3 protocols.
From a technical standpoint, analyzing the SHIB price using the Elliott Wave principle reveals that the meme coin is in the early stages of a macro bull market, suggesting that there are further gains to be made in the coming quarters. Additionally, SHIB price has already broken out of a bullish flag on the daily timeframe and is currently undergoing a retest before an imminent rally.
Notably, SHIB price has been consistently making higher highs and higher lows in the 1-hour timeframe, indicating that the bulls are striving to push towards the all-time high. It is worth mentioning that the SHIB weekly Relative Strength Index (RSI) has remained above the 70 level for the past few weeks, a phenomenon not witnessed in over two years. Consequently, it can be concluded that the SHIB bulls are in control and further growth is anticipated during this cycle.
Investing in Shiba Inu is an attractive option due to the substantial support it has received from Vitalik Buterin, the co-founder of Ethereum. In a recent op-ed, Buterin emphasized the need for meme coins to evolve beyond mere speculation and become fun-based altcoins within the web3 GamiFi ecosystem.
The Shiba Inu ecosystem has successfully transformed into a utility-based meme coin through the implementation of the Shibarium layer two scaling solution. With the recent Dencun upgrade for the Ethereum network, all layer two-based solutions now benefit from low transaction fees, facilitating widespread adoption.
The significant adoption of the Shibarium network has increased the SHIB burn rate, thereby boosting the value of existing tokens. Institutional investors seeking portfolio diversification have shown substantial support for the Shiba Inu network and its array of tokens.
Furthermore, SHIB boasts liquidity in WETH of over $14 million across various decentralized exchanges, led by Uniswap (UNI). Consequently, SHIB traders can engage in seamless meme coin trading without significant concerns about price volatility.
In conclusion, Shiba Inu’s transition from a speculative meme coin to a utility-based altcoin has garnered attention within the crypto community. With the projected increase in market capitalization and ongoing developments in the Shiba Inu ecosystem, SHIB is poised for further growth and success.