Crypto analysts predict meme coin Shiba Inu coin (SHIB) will continue on an upward trend after a sharp 55% increase in market value in May. Data from FX Street revealed that SHIB bounced off its two-week downward trend and is now heading up.
‘Should the meme-coin manage to break above $0.00001100, its market value could double,’ FX Street analyst Sarah Tran predicted on May 25 in a post.
Tran added, ‘Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55% in market value from its bottom’. She added that the price of SHIB could double after the crypto market recovers from its recent crash and it could reach $0.00001816.
Dubbed as ‘Dogecoin killer’ by the crypto community, SHIB coin gained traction in the past month after DOGE dropped in price due to Tesla CEO Elon Musk calling DOGE ‘a hustle’ on the entertainment show Saturday Night Live on May 8. Two days later, crypto exchange Binance listed SHIB, further increasing the speculation on the coin.
Founder and managing director of Token Bay Capital, Lucy Gazmararian, said that despite the heat received by meme coins from experts, they have the ‘underlying forces’ that could fully revolutionize the finance sector.
‘Today with the rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment with the democratisation of money itself and the SHIB token embodies this new trend.
As long as participants within a growing ecosystem are united by a shared purpose and vision and incentivised to continue building out the network, the network will become increasingly valuable and this will be reflected in the price of the Shiba token’, said Lucy Gazamararian.
According to a crypto expert and strategist from AAX or Atom Exchange Asset, Ben Caselin, the SHIB coin could potentially give returns to investors. He said that the coin shouldn’t be dismissed despite its status as a ‘joke’ token.
‘Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into space,’ said Caselin.
On the other hand, Billy Markus, one of the software developers of Dogecoin said on CNBC on May 13 that meme tokens can also be utilised the same way as digital assets and can make the crypto space more inclusive for people who want to try digital currencies. He said that the current mood in the crypto market is ‘very elitist’.
‘The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive’, added Caselin.
While Markus encouraged the use of meme coins, he said that investing in them, or any other crypto should always be done with care and proper research, especially with a lot of projects and asset appearing in the market.
In a tweet posted on May 11, Markus cautioned crypto enthusiasts, saying ‘If you do [invest], though, always be careful — it’s a minefield, lots of new projects are scams, and everything too good to be true is. But I think it’s an enlightening experience and gives perspective. Might start with the big projects (ETH for example). The crypto scene is massive.’
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