As we see memecoins surging to new heights, the old Shiba Inu (SHIB) has gained renewed confidence as renowned crypto investor Jake Gagain has boldly predicted the ascent of SHIB to a $100 billion market cap, positioning it as the pioneer meme-coin to achieve this milestone.
Let’s delve into the latest developments shaping SHIB’s trajectory and the factors influencing its market dynamics.
Jake Gagain’s Analysis
Jake Gagain strongly believes that Shiba Inu has the potential to reach a $100 billion market cap. In his X post, he simply announced, “$SHIB Will Be The First 100 Billion MC Memecoin”, as if not predicting, but being sure that it will happen.
Jake’s assertion led to strong discussions within the crypto community members about SHIB’s growing prominence.
Market Analysis
Recently, the Shiba Inu memecoin has struggled to maintain its price above the $0.000027 threshold level. In 2024, SHIB reached a peak of $0.000046. Hence, its decline from the highest to the lowest point is currently an opportunity for new entrants to consider market entry.
The influx of $35 million worth of SHIB into exchanges over the past week has contributed to a 40% price downturn, prompting strategic traders to view this as a favourable entry point.
Capable investors have taken the volatility of SHIB’s price fluctuations and capitalized on it, moving 1.2 trillion SHIB tokens within 10 days.
The good news is that significant developments for the Shiba Inu market system are on the horizon. “Shibariumscan” by Blockscout is the upcoming update on Shibarium blockchain explorer which aims to enhance user experience and provide deeper insights for developers and users. Additionally, Shiba Inu’s play-to-earn (P2E) game that is, Shiba Eternity’s mobile version is also in progress.
Achieving a $100 billion market cap for SHIB would require exponential growth, that is, nearly 600% increase from its current $17 billion cap. Despite the challenges ahead, SHIB’s recent surge in large transaction volume, reaching $420.11 million, demonstrates heightened interest and activity surrounding the token.
