Along with the rest of the market, Shiba Inu also suffered with the rest of the market. It has lost as much as 10.5%. However, it is still popular in the crypto community due to its potential for massive gains. Interestingly, a renowned trader has predicted that the SHIB price has the potential to reach a massive 44,000% rally, provided certain conditions are met.
Memecoins To Lead The Market
A former member of the IBM blockchain team and crypto analyst has predicted that Shiba Inu may be about to go on a 44,000% bull run. The trader also noted that the first SHIB price run was also a 44,000% upswing when launched.
This historical performance sets a precedent for what could happen if the SHIB price breaks out of its current prolonged consolidation zone. The trader predicts that meme coins could lead the crypto market into the last phase of this bull cycle.
Remarkably, a 44,000% increase from the current price would take SHIB higher to $0.00726.
Meme coins with high volatility have a unique appeal and usually have strong community support and are viral nature. The combination of technical patterns and community enthusiasm is what makes Shiba Inu a coin to monitor closely.
Is It Possible For Shiba Inu To Surge 44,000%?
Currently, Shiba Inu has a market cap of 9.7 billion. A 44,000% increase in price would have the market cap swell by 440 times, bringing it to a $4.268 trillion valuation. SHIB’s market cap is only 0.42% of the entire crypto market.
For it to swell to over the $4 trillion mark, the total crypto industry value would have to grow to a mammoth $1 quadrillion. Bitcoin’s market cap would be $542 trillion, and its price would have soared to roughly $27 million. However, these figures are impossible, as the entire global money supply is only 89 trillion.
Nevertheless, while a $4 trillion market cap is impossible, a 44,000% increase is possible if the SHIB burn rate boosts. The market cap becomes too large because Shiba Inu circulates over 589 trillion tokens. If this number were to reduce significantly, Shiba Inu price prediction suggests SHIB could easily surge 440X without disturbing the global money market supply. According to the ShibBurn platform, the burn rate has dropped 92% in the last 24 hours.
Epic Rally Imminent?
Shiba Inu gained prominence after its meteoric rise in 2021. As October begins, a traditionally bullish month for cryptocurrencies, experts are hoping for a similar price growth for SHIB.
Shiba Inu recorded a dramatic price surge, rising 43% in the past nine days. This rally was fueled by a notable increase in on-chain activity compared to other altcoins and meme coins. There was also a surge in SHIB’s trading volume, as it reached a whopping 1.19 billion. While the current bullish outlook looks favorable, the likelihood of a local price top has increased due to the heightened hype.
