Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap

Christian Encila

1 year ago

3 mins read

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Shiba Inu, the meme coin sensation, is making headlines once again. With its sights set on a major achievement – a staggering $100 billion market cap – Shiba Inu has captured the attention of the crypto community.

This audacious ambition has been fueled by data from IntoTheBlock, shedding light on the coin’s potential. Additionally, renowned investor Jake Gagain has made a bold prediction, further igniting excitement within the crypto community.

$SHIB Will Be The First 100 Billion MC Memecoin. pic.twitter.com/YogeSb2E7q

— JAKE (@JakeGagain) March 15, 2024

Shiba Inu: Growing Interest, Volatile Trading

According to analysis from IntoTheBlock, SHIB has witnessed a surge in the number of addresses holding the token. This surge indicates a growing interest and adoption of Shiba Inu among retail investors, who are eager to partake in the meme coin revolution.

Moreover, there has been a notable increase in the number of large transactions involving Shiba Inu tokens, suggesting institutional investors and whales are actively engaging with the coin.

SHIB market cap currently at $14.5 billion. Source: CoinMarketCap

IntoTheBlock’s data reveals a concentration of wealth among the top holders of Shiba Inu. Approximately 50% of the total supply is held by the top 100 addresses, indicating the potential influence these large holders may have on the market dynamics and price movements of Shiba Inu. This concentration of wealth can play a significant role in shaping the future trajectory of the coin.

Total crypto market cap is currently at $2.4 trillion. Chart: TradingView

Trading activity surrounding the memecoin has also been a focal point of the analysis. The data highlights the volatility of Shiba Inu’s trading volume, with periods of intense fluctuations followed by relative stability. This volatility can be attributed to various factors, including market sentiment, news events, and overall market conditions.

SHIB $100 Billion Milestone

In the midst of this excitement, renowned investor Jake Gagain has made a bold prediction: He firmly believes that Shiba Inu has the potential to surpass Dogecoin and reach a remarkable $100 billion market cap. This prediction has sparked both enthusiasm and skepticism, as the rivalry between Shiba Inu and Dogecoin intensifies.

SHIB 30-day price action. Source: CoinMarketCap

Taking all these factors into account, the journey towards the billion-dollar market cap for Shiba Inu is not without its challenges. While the recent surge in market cap and the accumulation by large holders are positive indicators, the volatility and concentration of wealth present potential risks that need to be navigated.

Nevertheless, the resilience and determination exhibited by the memecoin, coupled with the growing interest from retail and institutional investors, provide a strong foundation for its pursuit of the $100 billion milestone.

Shiba Inu’s quest for a $100 billion market cap represents a paradigm shift in the world of meme coins. Backed by data from IntoTheBlock, which highlights growing adoption, concentration of wealth, and trading activity, as well as the bold prediction from Jake Gagain, SHIB has positioned itself as a formidable contender in the cryptoverse.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.