Analyst Explains How SHIB Can Surge Tenfold in the Upcoming Bull Run

Renowned cryptocurrency investor Zach Humphries thinks Shiba Inu’s native token, SHIB, would rally to $0.0001 in the upcoming bull run. He noted that it is a target close to the meme coin’s all-time high of $0.000088.

In a recently uploaded video, the XT ALGO founder analyzed the various conditions confronting SHIB. He noted the impact of its token burn mechanism and how gaming implementation could influence its price development.

According to Humphries, there is limited information on the proposed Shibarium burning event. However, he highlighted the projection that the burning mechanism aims to reduce token supply strategically, potentially increasing the token’s value and benefitting its ecosystem.

The Shiba Inu team promised to begin testing the burning mechanism this January, and Humphries showed concern about the actualization of that target. His reason bordered around how much time is left before the month ends.

Nevertheless, the XT ALGO founder highlighted a few factors influencing how SHIB’s price would develop in 2024 and beyond. According to him, despite the expectation of new interest and retail demand, the existing Shiba Inu community needs to be rejuvenated. He believes that aspects of the project, like the metaverse and gaming, provide the opportunity to do so.

Humphries considers gaming a significant opportunity for SHIB development and hopes the project’s team is working to go big in that area. He thinks it is the easiest way for Shiba Inu to achieve its goal of transitioning from a meme coin to an actual utility token. According to him, the upcoming bull run is perfectly lined up for gaming and would bring many people into crypto.

SHIB traded at $0.00000898 at the time of writing. The flagship meme coin has hardly shown significant bullish sentiment since the beginning of the year. However, Humphries believes a 10x return is a reasonable target for the upcoming bull run, with the possibility of much higher targets.