- Shiba Inu’s lead developer, Shytoshi Kusama, backs a bold claim that the meme coin could hit a $100 billion market cap, sparking discussions in the crypto community.
- Shiba Inu’s recent 200% surge has sparked predictions of a $100 billion market cap, presenting a formidable challenge requiring a 553% increase.
Shiba Inu (SHIB), the second-largest meme coin, has captured the crypto community’s attention with a recent bold prediction and gained over 200% in the past week. Lead developer Shytoshi Kusama has reposted a statement speculating that the meme coin could achieve a staggering $100 billion market cap in the current cycle.
This proclamation has ignited discussions about Shiba Inu’s market potential and its recent remarkable performance.
https://t.co/aUePEauoUo pic.twitter.com/vp0gk4FDtv
— Shytoshi Kusama
(@ShytoshiKusama) March 5, 2024
Shiba Inu’s current market position reflects its rollercoaster journey, outpacing major cryptocurrencies with a substantial 200% gain. The latest data from the CNF marketcap places SHIB’s price at $0.000036, showcasing a 5.84% increase over the past 24 hours. Notably, 73% of SHIB holders are profitable, indicating a strong investor sentiment. The coin also maintains a robust price correlation of 0.79 with Bitcoin, underlining its resilience in the market.
While Shiba Inu currently holds the 11th position with a market capitalization of $15.3 billion, surpassing the $100 billion mark requires a monumental increase of approximately 553%. This ambitious target necessitates substantial market demand and unwavering investor confidence. Currently, only three cryptocurrencies—Bitcoin, Ethereum, and Tether—boast market caps exceeding $100 billion, highlighting the magnitude of Shiba Inu’s challenge.
Massive SHIB Transfers Raise Eyebrows
In a surprising turn of events, on-chain data reported by the blockchain tracker Whale Alert reveals a staggering 1.9 trillion SHIB transfer in the past 24 hours. This influx of SHIB, conducted through three massive transactions, has captivated the attention of crypto market participants.
Two significant transfers occurred 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 signaled by these large transactions, SHIB’s current trading in the red prompts 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 within the market. Traders appear hesitant to engage in long positions, contributing to a sense of caution. The red trading status at press time raises questions about the potential influence of the massive SHIB transfers on the coin’s trajectory, with investors keenly observing for signs of a potential run to the optimistic level of $0.0001.
Factors Driving Shiba Inu’s Rise
Shiba Inu’s surge can be attributed to various factors, including its position as the second-largest meme coin after Dogecoin. The recent success of 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, further fueled the coin’s rally.
Another key driver is the debut of the Shib Name Service (SNS) 1.1 version, allowing 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 within the market. Traders appear less ready 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 standing and its potential for further growth.
