Outside Source
TL;DR
- Analysts foresee the potential for a massive SHIB rally, driven by numerous factors, such as the advancement of Shibarium.
- One market observer believes the meme coin has a 50/50 chance to outperform its biggest rival, Dogecoin (DOGE), in this bull cycle.
New ATH Under These Conditions
Shiba Inu (SHIB) has had a turbulent year so far. It experienced a major bull run in March but erased much of the gains in the following months. Currently, it is worth around $0.00001765 (per Coingecko’s data), which represents a 68% increase since January 1.
Some analysts think the second-largest meme coin has yet to make huge waves. The popular X user Zack Humphries, for instance, envisioned a potential 10x pump from current price levels that would result in a new all-time high.
Such an exponential rally, though, will depend on several factors, the main one being interest from retail investors.
“I do think the OG memecoins will make another big run when retail comes back into crypto. I think DOGE and SHIB both have the luxury of being household brands in the world of memecoins and crypto. New retail will first flock back to the tokens they’ve heard about,” the X user suggested.
The second element is Shibarium’s potential advancement. Zack Humphries claimed the layer-2 scaling solution aids Shiba Inu’s burning program and “adds utility that could attract more crypto investors this cycle.”
Shibarium, specifically designed to foster the development of the SHIB ecosystem, was launched in August 2023. A year later, it adopted a burning mechanism called “Burn Portal.” Its ultimate goal is to reduce the circulating supply of SHIB tokens, thereby potentially increasing their value through scarcity (assuming demand doesn’t head south).
Lastly, the X user assumed that the self-proclaimed Dogecoin killer could chart substantial gains in the event of an Ethereum (ETH) resurgence:
“When Ethereum pumps (which I think will eventually happen), the top ERC-20 crypto will pump harder. That token is SHIB.”
Another Bullish Prediction
The X user Master Kenobi also contributed an optimistic SHIB price forecast. He argued that the meme coin’s creation “involved precise calculations and significant capital, highlighting that such projects are rare and controlled by individuals who deeply understand how blockchain technology can grant them financial freedom and preserve value.”
The analyst described SHIB as a “real competitor” to DOGE, maintaining that it has a 50/50 chance to outperform it this cycle.
He also suggested that its potential explosion to a market capitalization of $100 billion “doesn’t seem impossible” and that it can enter crypto’s top 10 list.
This article first appeared at CryptoPotato
