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Shiba Inu Price Prediction – Forbes Advisor Australia
The case of the bull
When it comes to reasons to be optimistic about the Shiba Inu’s future, Drozdz highlights its trending nature and overall positive market sentiment.
“The main factor that meme coin investors are watching is its popularity on social media, which, according to Google Trends data, is still 98% below past peaks, despite a temporary surge recently,” he explains . “Elon Musk’s tweets have been particularly notable in the past.”
The relationship between social media trends and meme cryptocurrencies cannot be overstated, and Shiba Inu has demonstrated this correlation in his past performances. As long as she continues to enjoy celebrity endorsements and remains a topic of discussion, there is the potential for a price increase.
“Another factor that could contribute to the increase in the price of Shiba Inu is the recent setting of all-time highs by bitcoin, the largest cryptocurrency,” adds Drozdz. Bitcoin’s performance often sets the tone for the rest of the cryptocurrency market: if bitcoin continues on an upward trajectory, it could very well drag other coins with it, including Shiba Inu.
In addition to the bull case for Shiba Inu there is the “Shibarium” project, which is a level 2 (L2) blockchain network built on Ethereum intended to transform Shiba Inu from a simple meme coin into a complete ecosystem. Shibarium was first proposed in May 2021 by the anonymous creator of Shiba in a now-deleted post and is now available to users looking to transact on the network.
While Shiba Inu, like other meme coins, is characterized by high volatility and a huge total supply of 1 quadrillion coins, the introduction of Shibarium marked a change in the structure of Shiba, transforming it from a simple memecoin to a token linked to a crypto ecosystem. Although there was an initial snag that temporarily left millions of dollars stranded due to a technical issue, the Shibarium project has the potential to redefine Shiba Inu’s position in the cryptocurrency market.
The case of the bear
While popularity can work in the Shiba Inu’s favor, it could also be his downfall. According to Drozdz: “The biggest disadvantage of the Shiba Inu seems to be at the same time its biggest advantage: fashion and popularity.”
The meme coin market is constantly evolving, with new coins being created almost every day. “There have been many similar models since the Shiba Inu was created, which in turn reduces the potential for the Shiba Inu to become another seasonal favorite,” Drozdz says.
The meme coin, Pepecoin, for example, recently made headlines in the cryptocurrency world when it went from a market capitalization of less than $1 million to well over $6 billion. While some lucky investors have made crazy gains, many others have lost huge sums of money if they couldn’t handle the mind-boggling drops in between.
Competition from these newcomers could potentially dilute the Shiba Inu’s market share. As a result, the vagaries of the meme coin market and constant competition from newer coins may push Shiba Inu into the shadows. Ultimately, it’s a double-edged sword, with its popularity and trend status fueling its growth and posing a potential threat to its future value.