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Various analysts have identified Shiba Inu as a promising investment during the current market downturn, with some suggesting it could reach a $100 billion market cap.
In a recent post on X, Blockchainedbb, a pseudonymous full-time crypto analyst, described Shiba Inu as an easy-to-hold asset and recommended it for investors looking to “size up” their portfolio.
Shiba Inu is Good to Size Up Portfolio
The analyst shared this perspective in response to an inquiry concerning the prospects of a SHIB investment amid the ongoing market correction. Blockchainedbb advised that individuals with smaller portfolios may consider ultra-low-cap assets with good reputations, as they are safer than meme coins and offer better returns than mid-caps.
While acknowledging that SHIB is a large-cap cryptocurrency, the analyst still recommended it as a buy. According to Blockchainedbb, SHIB is less volatile due to its market cap, making it easier to hold compared to ultra-low-cap meme assets that could drop by over 50% during market corrections.
SHIB is good for people who size up . Someone with small portfolio should look into ultra low caps with good reputation . Safer than memes , better returns than mid caps . SHIB is a large cap . I recommend SHIB cuz it’s less volatile due to market cap . Easy to hodl https://t.co/wuVkKNujGu
— Blockchainedbb (@blockchainedbb) June 24, 2024
Notably, Shiba Inu hovers around $0.00001696 at press time, down by over 15% in the last seven days. Meanwhile, on a 30-day scale, Shiba Inu shoulders a more substantial 30% loss, putting its valuation at $9.98 billion.
While Shiba Inu has briefly lost the $10 billion market cap threshold, other ambitious market watchers have expressed confidence that the asset could claim a valuation of $100 billion despite the current low sentiment prevalent in the market.
Shiba Inu On Track to $100B Cap
In a separate conversation, widely followed analyst Zach Humphries asserted that Shiba Inu remains on track for a $100 billion market cap this cycle. Humphries also suggested that Shiba Inu contenders like PEPE could boast a $50 billion cap by next year.
$SHIB to $100B $PEPE to $50B$BRETT to $30B
Do you agree or disagree with these memecoin market cap targets this cycle?
— Zach Humphries (@Z_Humphries) June 24, 2024
Notably, a $100 billion cap would elevate Shiba Inu’s market price to $0.0001697, which reflects a potential 904.14% from its current value of $0.000017.
Meanwhile, Humphries is not the only community pundit who has projected this ambitious threshold for Shiba Inu. During the height of the Shiba Inu frenzy in March, analyst JAKE Gagain asserted that SHIB could even hit a $100 billion valuation before Dogecoin.
Amid this recent discussion, some have pondered whether crypto exchanges like Coinbase could handle the heightened market activities resulting from a $100 billion cap for SHIB.