Shiba Inu saw a massive rally over the past month, going from below $0.00001 to above $0.00004, just 50% below its all-time high price. This has strengthened bullish resolve among investors in SHIB as crypto analysts continue to call for higher prices, one of which has been co-signed by Shiba Inu lead developer Shytoshi Kusama.
Shiba Inu Market Cap Headed For $100 Billion
In a post on X (formerly Twitter), crypto analyst Jake Gagain made a very bullish prediction for the Shiba Inu price. According to him, the meme coin could see its market cap rise as high as $100 billion in the bull market. “$SHIB Will Reach 100 Billion This Cycle,” the post read.
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This prediction caught the attention of Shiba Inu’s lead developer, Shytoshi Kusama, who took to the social media platform to lend his support. The quote response featured a GIF which said, “Your words, not mine,” something that is often used to support a statement by another person.
https://t.co/aUePEauoUo pic.twitter.com/vp0gk4FDtv
— Shytoshi Kusama™ (@ShytoshiKusama) March 5, 2024
Gagain’s prediction is interesting because it would mean that the market cap of SHIB would be three times higher than what it was during its last all-time high. If it does come to fruition, then the SHIB price at this high market cap would see it climb above $0.0002.
Reaching this price point would mean that the price of SHIB would have to climb another 500% from its current value of $0.000037.
SHIB At $0.0001 Is Possible
Gagain is not the only crypto analyst who sees the price of Shiba Inu eventually crossing the $0.0001 level. Another analyst, Oscar Ramos, recently shared their own bullish prediction for the SHIB price, which he believes would cross $0.0001.
As Ramos explains, some of the facts that will drive this rally will be retail investors as they flock back into the market. This influx of funds, the analyst explains, could send the SHIB price above $0.0001. Additionally, Ramos points to the previous performance of SHIB as evidence of how much the price can grow in a short time. For Ramos, SHIB at $0.0001 is a certainty this cycle.
However, despite being bullish on the Shiba Inu price, the crypto analyst also reeled in unrealistic expectations for the price. He explains that the meme coin rising to $0.1 or even $1 is not possible in this bull market. For now, the cryptocurrency has to focus on reaching a $60 billion market cap, which would help it cross $0.0001.
As for when to sell, the analyst cautions that investors should be looking to exit their position at around the $0.0002 mark, as this could mark the peak.
SHIB price drops alongside BTC | Source: SHIBUSD on Tradingview.com
Featured image from MEXC Blog, chart from Tradingview.com
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Author: Scott Matherson
