CandleFocus

Top Investor Says Very Bullish on Shiba Inu Despite Dips

Author: Content Editor
Famous investor Jake Gagain remains confident about the future performance of Shiba Inu (SHIB) despite its recent lack of significant price gains. Gagain expressed his bullishness on SHIB in a tweet, indicating that he anticipates a significant price uptick for the cryptocurrency. This optimism may be influenced by the various updates and developments within the Shiba Inu ecosystem, including the introduction of a play-to-earn game, DAO, metaverse, non-fungible tokens, layer-2 blockchain, and decentralized exchange. Additionally, a burn portal called ShibTorch has been introduced to reduce SHIB's circulating supply. Gagain's statement comes after a decline in SHIB's price, triggered by weak ISM Manufacturing data that affected the broader financial markets, including cryptocurrencies. Despite this, Gagain projects that SHIB will reach a market cap of $100 billion before the 2024/2025 cycle ends, surpassing Dogecoin. Currently trading at $0.00001311 with a market cap of $7.74 billion, SHIB's market cap would need to increase by 1,191% to achieve the $100 billion target. This potential rally could lead SHIB to a new all-time high of $0.00016925. The $0.0001 target has also gained popularity within the Shiba Inu community, with various experts speculating that SHIB could reach this price level during the current cycle.

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