Shib Price on the Rise: $100 Billion Market Cap in Sight for Shiba Inu?

Published by

Qadir AK

March 6, 2024

Shytoshi Kusama, the driving force behind Shiba Inu, has set the crypto world abuzz with a daring prediction. Sharing a statement suggesting Shiba Inu could hit a $100 billion market cap this cycle, Kusama added humor with a GIF from “Family Business” featuring Robert Picardo mouthing, “YOUR WORDS, NOT MINE.”

Shib’s Stunning Surge

The big question is whether SHIB will stabilize around $0.00002 after months below $0.00001. Shiba Inu, the second-largest meme coin, has had a phenomenal week, soaring over 200%, outshining many major cryptos.

As of now, SHIB is at $0.000035, up 5.84% in 24 hours. A whopping 73% of SHIB holders are in profit, with 73% being large holders. SHIB maintains a robust 0.79 correlation with Bitcoin, and 77% of holders have stuck around for over a year, showcasing a committed investor base.

Also Read: Shiba Inu Skyrockets 170%, Eyes Top 10 as RFK Jr. and Kusama Fuel Frenzy

Speeding up to $100 Billion

However, the road to achieving a $100 billion market cap for Shiba Inu is not a small thing. Currently, only three cryptocurrencies—Bitcoin, Ethereum, and Tether—have market caps exceeding $100 billion. With SHIB’s current valuation at $15.3 billion, it ranks as the 11th largest cryptocurrency, trailing behind competitors like Cardano and Dogecoin.

To reach $100 billion, SHIB needs a whopping 553% value increase, requiring substantial demand and investor confidence.

Understanding the Current Scenario

In the latest update, SHIB is at $0.000038, bouncing back from $0.000027. Bulls defended $0.000027 and surpassed $0.000035 resistance. The potential flip to $0.000040 is on the horizon, but rejection could drop it below $0.000035.

The Relative Strength Index (RSI) at 62.20 signals buying momentum’s return. The bullish outlook depends on sustained buying pressure, with a risk of bearish momentum if sellers resist. Shiba Inu’s rollercoaster ride continues, and crypto enthusiasts eagerly await whether Kusama’s predictions become a reality or not.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.