Well-known investor Jake Gagain maintains a positive outlook on Shiba Inu (SHIB). The investor known for his influential commentary on cryptocurrencies, took to X to express his confidence in Shiba Inu, despite the token’s recent performance struggles.
Reasons Behind Gagain’s Optimism
His bullish stand on the token could be attributed to the significant developments within the Shiba Inu ecosystem. Since its inception, it has grown from a mere token to a comprehensive ecosystem with multiple projects.
These include the play-to-earn game Shiba Eternity, a decentralized autonomous organization (DAO), the metaverse project Shib: (The Metaverse), non-fungible tokens (NFTs), a layer-2 blockchain called Shibarium, and a decentralized exchange (ShibaSwap).
Additionally, the introduction of an automated burn portal known as ShibTorch aims to reduce SHIB’s substantial circulating supply. This burn mechanism utilizes a portion of Shibarium’s transaction fees to decrease the total supply of SHIB and potentially impact its value positively. These innovations contribute to Gagain’s optimism.
Impact of Recent Market Trends
The investor’s stand comes after a decline in Shiba Inu’s price. Data from CoinMarketCap indicates that Shiba Inu experienced a significant drop, falling to $0.00001244 on September 6. This decline represents a 7.09% decrease from its daily high of $0.00001339.
The crash was largely influenced by a negative macroeconomic report, specifically weak ISM Manufacturing data, which saw the PMI index fall short of expectations. This broader economic downturn affected various financial markets, including stocks and cryptocurrencies.
The decline in Bitcoin’s price, which initially fell from approximately $58,000 to $53,000, also contributed to the decrease in altcoin prices, including Shiba Inu. Despite these conditions, he remains certain that Shiba Inu will experience a substantial price increase in the future.
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Future Projections for Shiba Inu
Gagain has projected that Shiba Inu could reach a market capitalization of $100 billion before the 2024/2025 cycle ends. He has suggested that Shiba Inu will achieve this milestone before Dogecoin, the most prominent memecoin.
Currently, Shiba Inu is trading at $0.00001357 with a market cap of $7.9 billion. For Shiba Inu to hit the $100 billion market cap target, its value would need to increase by approximately 1,191%.
Within the Shiba Inu community, the $0.0001 price target has gained traction. Alongside Gagain’s forecast, several experts have expressed belief in the potential for Shiba Inu to reach this price level.
Prominent analyst Bunchhieng has suggested that the token could repeat its 2021 performance and potentially achieve the $0.0001 target during this cycle. Other analysts, including Oscar Ramos, Gem Sheriff, and Eunice Wong, also see the $0.0001 goal as achievable.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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