Shiba Inu Set For Takeoff? Analyst Predicts 10-Fold Surge To Yearly Peak
November 06 2024 - 6:00AM
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Shiba Inu (SHIB), the popular memecoin, is back in the news after a
crypto expert issued a bold projection predicting a tenfold growth
in its market capitalization. Zach Humphries outlined certain
hopeful variables that might propel SHIB to a market capitalization
of $100 billion, bringing its price to $0.000171—a whopping 890%
increase over present levels. Humphries, who has built a reputation
for his memecoin market observations, feels SHIB’s surge is a real
possibility, despite its present low price. Related Reading:
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Survival In his most recent research, Humphries focuses on the
factors that he believes are SHIB’s most fundamental assets. Among
these are its brand strength, loyal community, and the potential
return of retail investors who may be willing to take another risk
in the memecoin space. 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 🧵 BOOKMARK this. pic.twitter.com/SSfUNO6nIr —
Zach Humphries (@Z_Humphries) November 5, 2024 Brand Power &
Community Support Humphries believes that SHIB’s excellent brand
recognition contributes significantly to its attractiveness. Shiba
Inu has made a name for itself in the world of memecoins, thanks in
large part to its passionate community. Even after the 2021 rally
waned, SHIB supporters remained engaged, helping to keep the
organization relevant in a very competitive sector. Humphries
claims that this brand strength, paired with SHIB’s established
status in the meme token market, provides it an advantage that
fresher tokens lack. Humphries also notes that for many first-time
investors, a well-known token like Shiba Inu may appear to be a
safer bet in the volatile world of cryptocurrency. With increased
demand, particularly if the broader cryptocurrency market becomes
positive, SHIB’s price and reputation might skyrocket. According to
Humphries, this flood of new investment could be what propels SHIB
toward its $100 billion goal. Another Analyst Predicts 200% Rise
Analyst “World Of Charts” provided a technical forecast alongside
Humphries. They observed a new breakout in SHIB, suggesting a 200%
increase that might bring it closer to yearly highs. SHIB’s rebound
to $0.00001784 has traders hopeful for 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 now sees that the breakout of SHIB
over the key resistance trendline is another stimulus for further
growth. This technical setup with the pattern of the descending
expanding wedge makes SHIB jump again if the breakout is sustained.
Related Reading: Six Months, $1 Billion: TON Network’s Explosive
USDT Adoption Milestone Can Shiba Inu Hit The Target? Humphries and
World Of Charts paint a bright picture but not before it sets out
difficulties ahead. A market capitalization of $100 billion is too
ambitious, particularly for a memecoin, and would require
sustained, continuous growth to make that possible. Featured image
from DALL-E, chart from TradingView
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