Shiba Inu (SHIB) has recently experienced a notable price surge, drawing attention to the meme-based cryptocurrency. However, analysts remain doubtful about its future, with one labeling SHIB a “relic of the past.” While still popular, concerns about its long-term sustainability continue to grow in the evolving crypto market.
The crypto market today has sparked renewed optimism among investors, with Ethereum showing strong upward momentum. Currently trading around the $2,600 mark, ETH has seen a significant bullish trend over the past week. This rise, amounting to an 8% increase, reflects growing confidence in the market.
The bullish trend is also spreading to other coins within the Ethereum ecosystem. Notably, Shiba Inu Coin is among the tokens benefiting from Ethereum’s surge, further bolstering market sentiment.
Shiba Inu Price Fumbles as Analyst Calls SHIB Relic
According to Murad, a cryptocurrency expert who shared an X post, meme coins are experiencing a shift in relevance this cycle. In a recent list, Murad highlighted the top 20 non-idiotic meme coins that stand out among the top 100 coins listed in CoinGecko’s meme category.
14/16 I went ahead and made a list of the Top 20 “non-idiotic” Memecoins among the Top 100 coins on the first page of CoinGecko’s “Meme” list, and disincluded DOGE, SHIB and FLOKI, as I consider them relics of the past and no longer relevant to the current cultural zeitgeist pic.twitter.com/b07uP18hxt
— Murad 💹🧲 (@MustStopMurad) August 22, 2024
He noted that coins such as DOGE, SHIB, and FLOKI, which once dominated the space, are now viewed as relics of the past. These coins no longer represent the cultural moment and have been disqualified from his selection of meme coins that are more aligned with the current trend.
This suggests moving away from older, more established meme coins favoring newer projects.
Shiba, launched in August 2020, is losing relevance as the market grows more competitive. While an upcoming bull run may briefly boost SHIB’s value, its long-term viability is uncertain. Like earlier meme coins, SHIB may struggle to retain liquidity and relevance in future cycles.
Shiba Inu Coin Signals Bullish Momentum Amid Key Metrics
A significant decline in SHIB’s supply on exchanges, indicated by the red line in the chart, suggests reduced selling pressure. This lower availability often points to a bullish market, as fewer tokens are available for immediate sale. With the supply on exchanges stabilizing around 145 trillion tokens, this trend could pave the way for a price surge if demand increases.
As these major investors move tokens off exchanges, it reduces selling pressure and supports the possibility of a price rally. Combined with SHIB’s recent price rebound, these indicators suggest that Shiba Inu may experience a bullish trend in the near future.
SHIB Price Forecast: Is $0.00003 Possible By the End Of October?
At the time of writing, the SHIB price is trading at $0.00001799, showing a slight upward trend of 0.30% over the past day. The token has recently been fluctuating near the $0.000018 support level, which serves as a critical point in the market.
If bullish momentum continues, the SHIB price forecast could rally towards $0.00002 in the short term. The ongoing buying pressure may even push the price as high as $0.00003 later this month, signaling a potential breakout.
Shiba has shown resilience and short-term gains, but its long-term prospects remain uncertain. The increasing competition and shift in meme coin trends may challenge SHIB’s relevance. However, as bullish momentum grows, SHIB could see further gains in the near future, but its sustainability is yet to be determined.
Frequently Asked Questions (FAQs)
Analysts believe SHIB and other older meme coins may struggle to maintain relevance and liquidity due to increasing competition from newer meme projects.
SHIB could potentially rally towards $0.00002 in the short term, with optimistic targets reaching $0.00003 if bullish momentum continues.
Some analysts are skeptical, labeling SHIB a “relic of the past” due to competition from newer meme coins and changing market trends.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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