Crypto trader Vapor has thrown his support behind Shiba Inu, labeling it as a top-tier meme coin with significant recovery potential in the upcoming altcoin season.
Shiba Inu (SHIB) has experienced a notable price decline over the past month, dropping by more than 40% from its monthly peak of $0.00002874 on May 29. As of now, SHIB is trading at approximately $0.00001691, reflecting the broader challenges faced by the market following recent decreases in Bitcoin’s value to the $60K range.
Despite this downturn, positive sentiment surrounding SHIB remains strong. Influential figures in the crypto community, including the trader known as Vapor, have recognized SHIB as a blue-chip meme coin. Vapor highlights its potential for a robust recovery in the upcoming alt seasons.
In a recent tweet, Vapor discussed the prevailing outlook within the crypto space, where some believe that meme coins, like NFTs, are destined to fade away. However, Vapor argues against these pessimistic views, suggesting that they often come from individuals who have mishandled their Bitcoin investments in the past.
While acknowledging the inherent risks, Vapor emphasizes the financial opportunities offered by meme coins. He singles out Shiba Inu as a blue-chip project with significant exchange listings and a dedicated community.
Alongside Shiba Inu, Vapor also includes Dogecoin, Floki, PEPE, BONK, and WIF in his list of blue-chip meme coins. These projects are considered valuable due to unique attributes like the development team selling their allocations at lower valuations, leading to stability and popularity among retail investors.
Vapor believes that these meme coins, including SHIB, are well-positioned to benefit from the anticipated altcoin season. He predicts that retail investors will continue to show interest in established, exchange-listed meme coins, similar to trends seen in 2021.
Market projections for Shiba Inu suggest that it could potentially reach $0.0000968 if Bitcoin reaches $350k. Analysts like Sam TCR from TradingView also foresee SHIB hitting $0.0001 with a market recovery on the horizon.
It is essential to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The opinions expressed in this article are solely those of the author and do not represent The Crypto Basic’s views. The Crypto Basic is not liable for any financial losses incurred.