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Crypto trader Vapor endorses Shiba Inu as a blue chip meme coin, citing its recovery potential in the upcoming altcoin season.
Over the past month, Shiba Inu (SHIB) has seen its price fall significantly, shedding over 40% of its value since reaching a monthly high of $0.00002874 on May 29. At press time, SHIB was trading at around $0.00001691. This downturn reflects broader market challenges, primarily driven by recent Bitcoin value declines to the $60K range.
Shiba Inu Is Blue Chip Project
Despite the downturn, the sentiment around SHIB remains surprisingly high. Prominent voices in the crypto community, such as pseudonymous trader Vapor, have endorsed SHIB as a blue chip among meme coins. He points to its considerable potential in upcoming alt seasons, suggesting a strong recovery could be on the horizon.
The alt-season and memecoin supercycle case while yall doomers are losing your mind
(warning: long af)
Since I have a few minutes, I’ll elaborate bellow the BASIC case for an upcoming alt-season despite the current awful sentiment and why memecoins will once again benefit the… pic.twitter.com/yUJj98ALer
— vapor (@trading_vapor) June 16, 2024
In his tweet, Vapor elaborated on the prevailing sentiment within the crypto community, where many believe that meme coins are destined to fade away like NFTs. However, he refutes these notions by asserting that such pessimistic views often stem from individuals who have previously mismanaged their Bitcoin investments.
Despite their inherent risks, Vapor posits that meme coins offer substantial financial opportunities. He distinguished a few, like Shiba Inu, which he described as a blue-chip project that has achieved significant exchange listings and garnered a dedicated community.
Vapor’s list of blue-chip meme coins also includes Dogecoin, Floki, PEPE, BONK, and WIF, which are essentially the most valuable meme-based projects in the market.
According to him, these assets stand out due to unique attributes, such as the development team selling their allocations at significantly lower valuations, which leads to excellent stability and widespread popularity among retail investors.
Moreover, the analyst stressed the advantages of these meme coins in their lack of dilution and broad appeal among retail investors. These attributes make them attractive candidates for holding through future alt seasons.
SHIB to Benefit from Altcoin Season
The trader believes these coins’ momentum and mass appeal can drive significant attention, even among seasoned crypto enthusiasts. This sentiment is supported by the historical performance of coins like Shiba Inu, which soared by over 884,000% during previous market cycles to its ATH of $0.00008845.
Accordingly, the trader concluded that his list of blue-chip meme coins is well-positioned to benefit from the much-anticipated altcoin season. The trader pointed out that even if new categories of altcoins emerge, the ultimate determinants of success will be the choices made by retail investors during the latter stages of a bull run.
Given the current landscape, Vapor anticipates that retail investors will continue to gravitate towards established, exchange-listed meme coins like SHIB, similar to patterns observed in 2021.
Market Projections for Shiba Inu
Meanwhile, reports from The Crypto Basic suggest Shiba Inu could reach the unprecedented price of $0.0000968 if Bitcoin’s growth trajectory towards $350k materializes. Other analysts have also made various projections.
Analysts like Sam TCR from TradingView believe SHIB could hit $0.0001 with an upcoming market recovery. Other market watchers have voiced similar sentiments, anticipating SHIB will reach $0.0001011 after breaking out of its symmetrical triangle.