Trader Predicts 44,000% Rally for SHIB! Is it attainable?
Along with the rest of the market, the Shiba Inu has suffered along with the rest of the market. It lost up to 10.5%. However, it is still popular in the crypto community because it can earn high profits. Interestingly, a prominent trader has predicted that SHIB's price has the potential to reach a massive rally of 44,000% if certain conditions are met.
Memecoins to lead the market
Former member of the IBM blockchain team and crypto analyst Shiba Inu has predicted a 44,000% bull run. The trader pointed out that there was a 44,000% increase when the first SHIB price run started.
This historic performance sets the stage for what could happen if SHIB price breaks out of its current extended consolidation zone. The trader predicts that meme coins could lead the crypto market towards the end of this bull cycle.
Remarkably, a 44,000% increase from its current price will take SHIB higher to $0.00726.
Meme coins with high volatility are particularly interesting and usually have strong community support and are viral in nature. The combination of technical styles and community enthusiasm is what makes the Shiba Inu a coin to watch closely.
Is it possible to add 44,000% for Shiba Inu?
Currently, Shiba Inu's market value is 9.7 billion. A 44,000% price increase would swell the market cap by 440 times, bringing it to a value of $4.268 trillion. SHIB's market cap is only 0.42% of the total crypto market.
For it to swell beyond $4 trillion, the total value of the crypto industry would need to grow to a mammoth $1 quadrillion. Bitcoin's market cap will be $542 trillion, and its value has increased by about $27 million. However, since the total world money supply is only 89 trillion, these numbers are impossible.
However, while a market cap of $4 trillion is impossible, SHIB's burn rate can increase by 44,000%. Shiba Inu will distribute more than 589 trillion tokens so the market cap will be huge. If this number drops significantly, the Shiba Inu price forecast suggests that SHIB could easily increase 440X without disrupting the global money market supply. According to the ShibBurn platform, the burn rate has decreased by 92% in the last 24 hours.
Epic Rally coming soon?
Shiba Inu gained popularity in 2021 after meteoric growth. As October kicks off, typically a busy month for cryptocurrencies, experts are hoping for similar price growth for SHIB.
The Shiba Inu has seen a dramatic rise in price, up 43 percent over the past nine days. This rally was triggered by a significant increase in activity on the chain compared to other altcoins and meme coins. SHIB's transaction volume also increased as it reached a high of 1.19 billion. While the current bullish outlook looks good, the possibility of local price hikes has increased due to the increased rate of inflation.
