Shiba Inu, a popular meme coin, has seen its price plummet by 65% from its November highs. However, a crypto analyst believes that the coin is too resilient to fail and is much better than other meme coins like Dogecoin and Pepe. The analyst, going by the name ShibaBaby Shib, highlighted that Shiba Inu has transitioned from being a meme coin to a full-fledged ecosystem with real utility. She specifically mentioned Shibarium, the project’s layer-2 network, as well as other utility tokens like BONE, LEASH, and TREAT that have clear use cases in the crypto industry.
Shibarium, the rapidly growing layer-2 network of Shiba Inu, has been handling over 1.05 billion transactions and has added over 197 million addresses over time. This growth is expected to contribute to Shiba Inu’s performance by increasing its burning mechanism. Unlike other inflationary meme coins, Shiba Inu continues to burn billions of tokens weekly, reducing the number of coins in circulation and boosting the value of the remaining tokens. These factors, according to the analyst, make Shiba Inu more than just hype and set it apart from other meme coins.
From a technical analysis perspective, the Shiba Inu price has formed several bullish chart patterns that point to a potential 3x increase in the longer term. These patterns include a falling wedge, a triple-bottom pattern, and a double-bottom pattern on the daily chart. The analyst predicts that the coin could potentially surge and hit its highest level in 2024, which is about 300% above the current level of the SHIB price. However, a drop below key support levels could invalidate this bullish forecast and signal further downside movement for the coin.
Overall, the analyst’s bullish case for Shiba Inu revolves around the project’s transition from a meme coin to a full-fledged ecosystem with real utility and infrastructure. The growth of Shibarium, the burning of tokens, and the addition of other utility tokens in the ecosystem are seen as positive factors that could contribute to the long-term success of Shiba Inu. While the recent price crash may have shaken investor confidence, the analyst believes that the coin’s resilience and strong community support will likely help it bounce back in the long term. For investors looking for potential opportunities in the crypto market, Shiba Inu may be one to watch as it navigates the volatile crypto landscape.
