Shiba Inu, the ‘Locomotive of Memecoins,’ Primed for a Bull Run: Crypto Analyst

Shiba Inu is the “locomotive of memecoins.” That’s the recent statement from a renowned crypto analyst who earlier this week made a forecast that SHIB is primed for a “bull run.”

Shiba Inu is currently facing a challenging week as it grapples with the aftermath of a major security breach at WazirX, an Indian crypto exchange. Despite this, crypto analyst Crypto Sheriff (@Gem_Sheriff on X) shared on a recent X post an optimistic view of the world’s second largest dog-themed altcoin by market capitalization.

The Tail-Wagging Why: In the post, the crypto analyst expressed his belief on the resilience of Shiba Inu, declaring it as the “locomotive of memecoins” that will “emerge stronger from the hacking attack!” Their reaction came on the heels of the WazirX security breach that resulted in the theft of $102.1 million worth of SHIB. The breach, which happened Thursday, saw Shiba Inu plummet to as low as about 9% of its value on the day.

Beyond the Bark: Prior to this incident, Crypto Sheriff, on Wednesday, declared his confidence in Shiba Inu’s future performance. He claimed that the period of price stagnation, known as consolidation, is over for SHIB, suggesting a bottom has been reached and an upward movement is imminent.

This prediction aligned with his expectation of a significant and sustained price surge, commonly referred to as a “bull run,” in which SHIB could outperform other cryptocurrencies and potentially reach new all-time highs. His optimism stemmed from observing a generally positive sentiment across the crypto market, with many coins experiencing price increases, a trend that could further propel SHIB’s upward momentum. He also noted that “$Shib continues to send,” a crypto argot indicating strong performance and potential for growth.

Sniffing Out the Numbers: Shiba Inu is experiencing a whirlwind of market activity, with trading volumes surging by an astonishing 250.20% in the past 24 hours, reaching a staggering $1.33 billion. As of 12:53 a.m. ET on Friday, SHIB was trading at $0.00001752, marking a 6.37% dip for the day.

Zooming out reveals a 9.04% spike over the past week, showcasing the meme coin’s characteristic volatility. While a 7.23% drop over the past month may raise eyebrows, the current circulating supply of 589,270,685,787,474 SHIB and a market cap of $10.33 billion, as per CoinMarketCap’s data, underscore Shiba Inu’s enduring prominence in the crypto landscape. This rollercoaster ride of trading activity, coupled with SHIB’s impressive market capitalization, signals a vibrant and dynamic ecosystem that continues to captivate investors and enthusiasts alike.

The Big Fetch: The Shiba Inu community remains resilient and optimistic, viewing the WazirX hack as a temporary setback. The project’s strong fundamentals, coupled with the broader crypto market’s positive outlook, continue to fuel confidence in SHIB’s future as a leading meme coin.

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.

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