Shytoshi Kusama Offers Response to Shiba Inu’s Ambitious $100 Billion Vision: Can SHIB Reach the Summit?

Shytoshi Kusama, the prominent figure behind Shiba Inu, recently made a bold prediction regarding the future market value of the cryptocurrency. Sharing a reposted statement suggesting that Shiba Inu could potentially achieve a market cap of $100 billion in this market cycle, Kusama added a GIF from the show “Family Business,” featuring Robert Picardo with the caption “YOUR WORDS, NOT MINE.”

Shiba Inu’s recent performance has been quite remarkable, leading to the question of whether it will stabilize around $0.00002, marking a new paradigm after months of trading below $0.00001. This meme coin, which is the second largest of its kind, has experienced a significant surge in value, with a growth rate of over 200% in the past week. It has outperformed many other major cryptocurrencies.

At present, SHIB is being traded at $0.000035, representing 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%. Additionally, SHIB has maintained a strong price correlation with Bitcoin, standing at 0.79. The majority of SHIB holders, approximately 77%, have held onto their tokens for over a year, indicating a committed investor base.

However, achieving a $100 billion market cap for Shiba Inu is no small feat. Currently, only three cryptocurrencies—Bitcoin, Ethereum, and Tether—have market caps exceeding $100 billion. With SHIB’s current valuation at $15.3 billion, it currently ranks as the 11th largest cryptocurrency, trailing behind competitors like Cardano and Dogecoin.

To reach the coveted $100 billion milestone, SHIB would need to experience a massive value appreciation of approximately 553%. This would require significant market demand and investor confidence in the cryptocurrency’s prospects.

While it is technically possible, Shiba Inu (SHIB) still has some hurdles to overcome. As of the latest update, it 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 surpass $0.000040, although this level poses another challenge. If rejected at $0.000040, the price could drop below $0.000035.

The Relative Strength Index (RSI) currently stands at 62.20, indicating a return of buying momentum. However, the bullish outlook depends on sustained buying pressure, with the risk of bearish momentum if sellers push back.

Tags: Altcoins