Shib Price on the Rise: $100 Billion Market Cap in Sight for Shiba Inu?
Qadir AK6 Mar 20242 min read
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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