Crypto analyst Davie Satoshi has dropped a bullish prediction for Shiba Inu as part of what might be the future outlook for major meme coins. According to the analyst, SHIB is one of the meme coins with the potential to go on a 1,000% to 3,000% price surge amidst a flurry of cryptocurrencies in the meme coin niche. SHIB, on the other hand, is currently struggling with bearish price action as the bulls find themselves outnumbered by the bears.
Surge Potential For Shiba Inu
The crypto market is full of different meme coins, each with its own community. Particularly, meme coin demand has shot up this year, with many new meme coins shooting up in value. However, investing in meme coins has its own demerits. This is because the value of these cryptocurrencies is driven by hype and sentiment, as most of them do not have a real-world utility to back up their value. As a result, some of them can tank quickly and go back to zero as easily as they shot up.
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Despite this risk, some of these meme cryptocurrencies have established themselves as major industry players over the years. According to Davie Satoshi, SHIB is one of the few cryptocurrencies that fall in this safe category and can “never go to zero.”
From his viewpoint, SHIB can go on a 10x to 30x journey in the current market cycle. This translates to a 1,000% to 3,000% surge to a price range of $0.0002250 to $0.0006750. Interestingly, this prediction is way above the current SHIB all-time high, which is at $0.00008616.
How Feasible Is This Price Target For SHIB?
SHIB is no stranger to price rises of epic proportions. After the last halving, SHIB went on an 800,000% price surge and turned many of its early holders into crypto millionaires overnight. However, the crypto landscape has evolved since then and SHIB would need to gain a better mainstream adoption and develop utility before a similar price surge can occur.
SHIB has grown over the years from its early days as a meme cryptocurrency and now stands behind only DOGE in terms of meme coin market cap. The Shiba Inu ecosystem is now home to its own community projects including a layer-2 scaling solution (Shibarium), other tokens like BONK and LEASH, and many others.
Shiba Inu’s team members are actively working to transform the cryptocurrency into a utility-based cryptocurrency. According to a similar prediction from crypto analyst Xanrox, Shiba Inu will definitely go higher later this year. Per his analysis, the best price to get in and catch the bounce to the upside is $0.00002249.
At the time of writing, SHIB is trading at $0.00002181 and is down by 3.45% in the past 24 hours. Davie Satoshi also mentioned DOGE, PEPE, WIF, and COQ as meme cryptocurrencies with the potential to grow by 10x to 30x.
SHIB bulls push price to $0.000023 | Source: SHIBUSDT on Tradingview.com
Featured image from Reddit, chart from Tradingview.com
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