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.
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.
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