Shiba Inu, a cryptocurrency, has caught the attention of analysts as a promising investment opportunity during the current market downturn. Some experts even believe that it has the potential to reach a market cap of $100 billion.
One prominent crypto analyst, known as Blockchainedbb, recently shared their perspective on Shiba Inu. They described it as an asset that is easy to hold and recommended it to investors looking to expand their portfolios. In response to an inquiry about the prospects of investing in SHIB during the ongoing market correction, Blockchainedbb advised individuals with smaller portfolios to consider ultra-low-cap assets with good reputations. They explained that these assets are safer than meme coins and offer better returns than mid-cap investments.
Although SHIB is considered a large-cap cryptocurrency, Blockchainedbb still recommended buying it. They pointed out that SHIB is less volatile compared to ultra-low-cap meme assets, which can experience drops of over 50% during market corrections. Currently, Shiba Inu is valued at around $0.00001696, showing a 15% decrease in the past seven days. Over a 30-day period, it has experienced a more significant loss of 30%, resulting in a valuation of $9.98 billion.
Despite the recent decline, market watchers remain optimistic about Shiba Inu’s potential. Analyst Zach Humphries believes that Shiba Inu is on track to reach a market cap of $100 billion during this market cycle. He also suggested that other contenders in the Shiba Inu ecosystem, such as PEPE, could achieve a $50 billion market cap by next year. If Shiba Inu were to reach a $100 billion market cap, its market price would be $0.0001697, representing a potential increase of 904.14% from its current value.
Humphries is not the only analyst who has projected such ambitious numbers for Shiba Inu. In March, analyst JAKE Gagain even suggested that SHIB could surpass Dogecoin and reach a $100 billion valuation.
As discussions about Shiba Inu’s potential continue, some have raised concerns about whether crypto exchanges like Coinbase can handle the increased market activities that would result from a $100 billion market cap for SHIB.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic assumes no responsibility for any financial losses incurred.