Cryptocurrency expert forecasts that SHIB will reach a 1 trillion market capitalization
The Shiba Inu (SHIB) community has been actively working on various initiatives to enhance the utility of the meme coin, leading a cryptocurrency trading expert to make a bold prediction about the token’s market capitalization.
Casey Stubbs, a crypto expert, recently shared his prediction in an X post on June 16, suggesting that Shiba Inu could potentially see an influx of capital that could push its market cap to $1 trillion. This forecast is based on the expected impact of Shiba Inu’s layer-2 scaling solution, Shibarium.
“I can see a future where thousands of SHIB and BONE pairs are traded on Shibarium, with billions of dollars in transactions daily and a trillion-dollar market cap,” Stubbs said.
The market expert’s prediction was in response to a post by another insider in the Shiba Inu community, known as SpecialK, who emphasized the potential significance of Shibarium. SpecialK highlighted the platform’s foundational strengths, referring to it as the backbone of the SHIB project, and encouraged investors to prepare for a transformative journey.
Shibarium, being the backbone of the project, symbolizes strength, courage, and uniqueness. This ecosystem is set to redefine the landscape of cryptocurrencies, promising a journey that will elevate the project to new heights, making it even more robust.
The Shibarium platform, designed to enhance the efficiency and scalability of the SHIB ecosystem, has been the focal point of numerous developments aimed at expanding SHIB’s utility and adoption.
The potential impact of reaching a $1 trillion market cap would be significant for SHIB. Currently trading at around $0.0000200 with a market cap of $11.75 billion, hitting a market cap of $1 trillion could potentially push the token’s price to approximately $0.0017, representing an 8,395.75% increase.
While the $1 trillion market cap prediction may seem ambitious, it reflects a broader sense of optimism among SHIB enthusiasts. However, it is essential for the token to target more achievable market cap values first, such as its previous all-time high of nearly $40 billion, which corresponded with a record price of $0.00008845.
Achieving these milestones would pave the way for other attainable targets, including $50 billion and $100 billion.
Aside from Shibarium’s impact, the Shiba Inu community is also focusing on other metrics to enhance the token’s utility. For instance, the burning rate of the token has increased significantly, with data from Shibburn showing that 398,706,509 tokens were burned in the past seven days as of June 17, marking a 750% increase.
In terms of price analysis, SHIB is currently facing a challenging period marked by bearish sentiments. On the weekly chart, the token has lost nearly 14% of its value and is trading around $0.0000200. The price has shown significant volatility throughout the week, hovering around the $0.000020 mark, which serves as a support level.
This support level could be a crucial psychological threshold for traders, with an initial weekly high of around $0.00002319 acting as a resistance level. If the $0.000020 support level holds, SHIB may stabilize or attempt a rebound. However, a breach of this support level could lead to further declines.
Disclaimer: The information provided in this article should not be considered as investment advice. Investing in cryptocurrencies is speculative, and there is a risk of losing capital.