Gushiken Yona
A renowned crypto analyst recently stirred the pot on X (formerly Twitter), when they point out that Shiba Inu (SHIB) is not just a meme coin but a legitimate investment for “big whales” – those with substantial crypto holdings and have “fundamentals” just like “normal tech coins.” This comes amid their prediction of a meme coin “super cycle,” a period of increased interest and investment in these often volatile assets.
Crypto analyst Altcoin Sherpa (@AltcoinSherpa on X) shared with their around 218,000 X followers this week some gems about meme coins and its current state in the wider cryptocurrency industry. In this same post, the crypto analyst classified Shiba Inu as a meme coin for “Big Whales.” Moreover, they described Shiba Inu, alongside other meme coins as crypto assets that “actually do have fundamentals, just the same as normal tech coins.”
Key Context: Sherpa’s assessment challenged the common perception of meme coins as purely speculative assets. By highlighting their “fundamentals,” the analyst suggested that Shiba Inu, and others like it, may have underlying value and potential for long-term growth.
The Caveat: Sherpa’s outlook on the meme coin super cycle is cautious yet optimistic. They predicted that while gains are likely, they won’t be as concentrated as in previous cycles. This means fewer meteoric rises like Shiba Inu’s 2021 surge, but a more widespread growth across a variety of meme coins.
The risk factor: While Sherpa’s analysis provides a compelling case for meme coins, investors should approach these assets with caution. The crypto market is notoriously volatile, and meme coins, in particular, are prone to wild price swings.
The bottom line: Shiba Inu’s classification as a “whale” coin, likening it to “normal tech coins,” coupled with the anticipation of a meme coin super cycle, suggested a potentially lucrative opportunity for investors. However, thorough research and risk management are crucial when navigating this unpredictable market.
Price Action: Shiba Inu’s market performance is showcasing a captivating dance of volatility and resilience. As of early Thursday morning, the meme coin was trading at $0.00001884, reflecting a 3.66% dip in line with Bitcoin and other major cryptocurrencies. However, this recent dip doesn’t overshadow Shiba Inu’s impressive week-long surge of 15.35% or its steady climb of 4.76% over the past month.
The current circulating supply of Shiba Inu stands at a staggering 589,270,734,341,919 SHIB, contributing to a substantial market capitalization of $11,098,666,041. With a 24-hour trading volume of $385,044,801, as per CoinMarketCap’s data, it’s clear that SHIB remains a vibrant and actively traded asset within the cryptocurrency market.
Read More
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
