Analyst Predicts Shiba Inu Market Cap Could Reach $100 Billion
Shiba Inu (SHIB) is experiencing renewed interest following a projection by crypto expert Zach Humphries, who predicts a tenfold increase in its market capitalization to $100 billion, raising its price to $0.000171—a potential 890% rise from current levels.
Key Factors for Growth
Humphries identifies several fundamental assets that may drive SHIB's growth: brand strength, community loyalty, and the possible return of retail investors willing to engage with memecoins again. Despite SHIB's low price, he believes a significant surge is feasible.
If $SHIB does a 10x from current price levels, we will see the asset hit over a $100B market cap. Here’s why it can happen
— Zach Humphries (@Z_Humphries) November 5, 2024
Brand Power & Community Support
SHIB's strong brand recognition enhances its appeal in the memecoin market, supported by a dedicated community that has remained active since the 2021 rally. This established status provides an advantage over newer tokens. For novice investors, well-known tokens like Shiba Inu may represent a safer investment option within the volatile cryptocurrency landscape.
Increased demand, particularly if the broader cryptocurrency market improves, could elevate SHIB's price and reputation, potentially driving it toward the projected $100 billion market cap.
Another Analyst Predicts 200% Rise
Analyst "World Of Charts" offers a technical outlook suggesting a 200% increase for SHIB, indicating a new breakout that could bring it closer to yearly highs. The recent rebound to $0.00001784 has traders optimistic about future gains.
$Shib#Shib Already Running In 50% Profit So Far & Now Verge On Another Descending Broadening Wedge Expecting Another 2x Incase Of Successful Breakout https://t.co/YPxA9ByPk3 pic.twitter.com/ftL0x5HsSW
— World Of Charts (@WorldOfCharts1) October 29, 2024
World Of Charts highlights that SHIB's breakout above key resistance trends signals potential for further growth, with the descending expanding wedge pattern indicating a likelihood of upward movement if the breakout persists.
Challenges Ahead
While projections from Humphries and World Of Charts suggest a positive outlook, achieving a market capitalization of $100 billion poses significant challenges for a memecoin. Sustained and continuous growth would be necessary to realize this ambitious goal.
Featured image from DALL-E, chart from TradingView