Is Shiba Inu Mirroring Dogecoin’s Footsteps? Analyst Predicts Massive Gains for SHIB Price

Is Shiba Inu Dead? SHIB Price Prediction

Crypto analyst Matthew Perry has shared an analysis of Shiba Inu (SHIB) in a Youtube video. The analyst has compared SHIB’s market behavior and Dogecoin’s (DOGE) past performance.

He predicts SHIB, often considered a close follower of Dogecoin in the meme coin space, to potentially achieve substantial price gains soon.

Moreover, his analysis explores SHIB’s volume trends, projected market cap, and potential for future growth, noting that Dogecoin’s historical rise may signal an optimistic outlook for SHIB investors.

Matthew Perry’s analysis positions Shiba Inu as an established player in the meme coin sector, second only to Dogecoin. The “OG” status of SHIB among meme coins has prompted comparisons with Dogecoin’s performance, which saw explosive growth driven by strong community backing and substantial media attention.

Perry suggests that, like Dogecoin, SHIB has shown resilience and potential for high returns. Besides, he notes patterns indicating a similar trajectory of market volume spikes and price rallies.

As Dogecoin’s success has often heralded interest in similar meme coins, SHIB could follow suit, benefiting from its established market position and investor familiarity.

Current Market Metrics and Price Projections for SHIB

Shiba Inu currently holds a market cap of approximately $10–$11 billion, with a trading volume of $621 million. Perry’s analysis suggests that SHIB has the potential to multiply its value by 5x to 10x if market interest remains strong and conditions mirror those seen in Dogecoin’s growth phases.

The analyst maintains that while SHIB’s price has shifted above an ideal buy-in range, it still offers an attractive entry for long-term investors. This optimistic projection hinges on the continuity of market dynamics similar to those that propelled Dogecoin to prominence.

Supply Constraints and the Impact of Burn Mechanisms

A notable aspect of Perry’s analysis focuses on SHIB’s supply and the burn rate’s role in price movement. The large supply of SHIB tokens has limited the crypto’s price escalation, despite strong investor demand.

Perry notes that while burn mechanisms aim to reduce supply, current burn efforts have yet to achieve major impact. If SHIB’s burn rate were to increase meaningfully, it could potentially elevate its value and place it on a more sustainable growth path.

However, achieving this remains challenging, as the burn rate is subject to community and developer efforts to influence SHIB’s circulating supply.