The post Shytoshi Kusama Responds to Shiba Inu’s Bold $100 Billion Vision: Can SHIB Race to the Top? appeared first on Coinpedia Fintech News
Shytoshi Kusama, the lead figure behind Shiba Inu, recently shared a bold prediction about the cryptocurrency’s future market value. Reposting a statement suggesting that Shiba Inu could achieve a market cap of $100 billion during this market cycle, Kusama added a GIF from “Family Business,” featuring Robert Picardo with the words “YOUR WORDS, NOT MINE.”
Shiba Inu Lead Drops SHIB’s Next Target
The question arises whether SHIB will stabilize around $0.00002, marking a new paradigm after months of trading below $0.00001. The second largest meme coin Shiba Inu’s recent performance has been remarkable. Its value has skyrocketed by over 200% in the past week, significantly outperforming many other major cryptocurrencies.
As of now, SHIB is trading at $0.000035, marking a 5.84% increase over the past 24 hours. Impressively, 73% of SHIB holders are currently in profit, with a considerable concentration of large holders at 73%. Plus, SHIB has maintained a strong price correlation with Bitcoin, standing at 0.79. The majority of SHIB holders, approximately 77%, have held their tokens for over a year, indicating a committed investor base.
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 the coveted $100 billion milestone, SHIB would need to undergo a monumental value appreciation of approximately 553%. This would require significant market demand and investor confidence in the cryptocurrency’s prospects.
Technically Possible, If
As of the latest update, Shiba Inu (SHIB) has shown signs of recovery, with its price at $0.000038 after initially dropping to $0.000027. Bulls successfully defended the $0.000027 level and surpassed the $0.000035 resistance. Closing above this resistance suggests the potential for SHIB to flip $0.000040, although this level poses another hurdle. Rejection at $0.000040 could lead to a drop below $0.000035.
The Relative Strength Index (RSI) is at 62.20, indicating a return of buying momentum. However, the bullish outlook depends on continued buying pressure, with the risk of bearish momentum if sellers push back.