Despite Shiba Inu’s inability to register significant price gains over the past week, famous investor Jake Gagain remains confident about SHIB’s future performance.
In a tweet yesterday, Gagain expressed confidence in Shiba Inu, emphasizing that he is very bullish on the 13th-biggest crypto by market cap. This comment suggests that Gagain is not troubled by Shiba Inu’s current performance but anticipates a significant price uptick for SHIB in the future.
Potential Reasons Behind Gagain’s Bullish Comment
The potential reasons behind Gagain’s statement could stem from the number of updates introduced within the Shiba Inu ecosystem since its inception.
Shiba Inu has grown from a token to a complete ecosystem, with many projects, including a play-to-earn game (Shiba Eternity), DAO, metaverse (Shib: The Metaverse), non-fungible tokens, layer-2 blockchain (Shibarium), and decentralized exchange (ShibaSwap).
Moreover, the team behind the Shiba Inu ecosystem has introduced an automated burn portal, dubbed ShibTorch, to drastically reduce SHIB’s hefty circulating supply using a portion of Shibarium’s fees. Due to these projects, several community members like Gagain have remained bullish on Shiba Inu, anticipating a major rally for the asset.
SHIB Crashes Amid Negative Macroeconomic Report
Gagain’s statement follows a sharp decline in Shiba Inu’s price over the past week. Data from CoinMarketCap shows that Shiba Inu plunged to $0.00001244 on September 6, crashing 7.09% from its daily high of $0.00001339.
This crash was majorly triggered by weak ISM Manufacturing data, which saw the PMI index fall to 47.2 points from the market’s expectations of 47.5. The development had a negative impact on the broader financial markets, including stocks and cryptos.
For cryptos, Bitcoin, the world’s largest cryptocurrency by market cap, crashed from around $58,000 to $53,000. Given Bitcoin’s influence on the broader crypto market, the prices of altcoins like Shiba Inu also recorded major declines. Nonetheless, Gagain has remained bullish on Shiba Inu, anticipating a major price uptick for the token.
Shiba Inu to Hit $100B Market Cap
As reported earlier, Gagain projected that Shiba Inu will hit a market cap of $100 billion before the 2024/2025 cycle ends. According to Gagain, Shiba Inu will hit the $100 billion threshold before the world’s biggest memecoin, Dogecoin.
At the moment, Shiba Inu is trading at $0.00001311, with a market cap of $7.74 billion. This suggests that Shiba Inu’s market cap must surge by 1,191% to hit the $100 billion target.
Such a remarkable rally would substantially impact SHIB’s price. A potential increase of 1,191% would propel Shiba Inu to a new all-time high of $0.00016925.
Shiba Inu to $0.0001 Target
Meanwhile, the $0.0001 target has gained popularity within the Shiba Inu community in recent times. Besides Gagain, several experts believe that Shiba Inu would surge to the $0.0001 price territory this cycle.
Earlier this year, prominent analyst Bunchhieng speculated that Shiba Inu could replicate its 2021 performance and potentially hit the $0.0001 level in this cycle.
Other experts, such as Oscar Ramos, Gem Sheriff, and Eunice Wong, think the $0.0001 target is also feasible for Shiba Inu. However, they did not set a timeline for when Shiba Inu could achieve it.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
