2024-9-3 22:35 |
Shiba Inu (SHIB) traded lower on Friday, mirroring the overall weakness in the crypto market. The global crypto market cap declined by 1.38% in the last 24 hours to $2.05 trillion. At press time, the second-largest meme token was trading at $0.00001348, down 2.17% over the same period.
Notably, SHIB has struggled to find a strong support level over the past few months, losing approximately 69% of its value since reaching a local high of $0.000045 in March. However, some investors see this downturn as an opportunity to accumulate more, anticipating a major bull run in the upcoming cycle.
In a recent YouTube analysis, popular crypto analyst CryptoZack made bold predictions about Shiba Inu (SHIB), forecasting significant gains for the popular meme coin during the current market cycle. Despite acknowledging that SHIB’s often-cited $0.01 price target remains far off, the pundit expressed optimism about the token’s potential for substantial growth.
“Could SHIB 10x in this cycle from current price levels? Could it set all-time highs? Could it get to a hundred-billion-dollar market cap? Hell yeah, it definitely can and most likely will,” CryptoZack stated, suggesting a potential price target of $0.0014.
However, he tempered expectations by noting that such gains are contingent on broader market conditions, particularly Ethereum’s performance.
The analyst emphasized the importance of Ethereum’s price action for SHIB’s success, given its status as an ERC-20 token. “We need Ethereum to start cooking. We need Ethereum to get its new highs,” he explained, highlighting the symbiotic relationship between the two cryptocurrencies.
Moreover, while bullish on SHIB’s potential, CryptoZack also addressed concerns within the Shiba Inu community. He pointed out several key issues that need resolution, including implementing an automated burn mechanism on the Shibarium network and updating various ecosystem projects like Shiba Swap and the Metaverse initiative.
“These are some of the things I’m looking for as a Shiba Inu investor that need to happen,” the pundit added. “It’s been way too long. We’ve been waiting for some of these things… for way too damn long.”
The analyst’s comments follow a major announcement for the Shiba Inu ecosystem. Earlier this week, LUCIE, a key member of the Shiba Inu development team, revealed that the SHIB ecosystem is set to undergo major transformations by 2025, including a shift towards full decentralization and the launch of a decentralized autonomous organization (DAO) for governance.
By fostering a sense of ownership and participation among holders, a DAO could generate more interest in the project, potentially attracting new investors and driving up demand for SHIB.
Additionally, the SHIB community is celebrating the addition of SHIB as collateral for futures trading by Kraken, a leading cryptocurrency exchange, on Thursday. Notably, this move could enhance the token’s utility and broaden its accessibility.
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