Here's how Shiba Inu can dethrone Cardano and rank third-largest crypto by market cap
- The "flippening" narrative, originally worded for Ethereum's takeover of Bitcoin, has a new meaning with Shiba Inu's explosive rally.
- Investor famous for predicting the 2008 financial crisis considers Shiba Inu pointless, SHIB's burn mechanism tackles the argument.
- Bitpanda joins the list of exchanges that facilitate SHIB trading.
Shiba Inu continues its upward climb, and experts predict that the memecoin is gearing for a spot in the top three cryptocurrencies by market capitalization. Shiba Inu's price historically retraces after SHIB millionaires sell their holdings.
SHIB to flip ADA in the current rally, according to experts
Shiba Inu, the memecoin that became popular as Dogecoin-killer, now ranks twelfth based on market capitalization, according to crypto data aggregator CoinGecko.
The team behind the Shiba Inu token consistently announces new updates to the ecosystem, keeping up with the latest cryptocurrency trends. The news of the burn policy was followed by new listing announcements and the launch of 10,000 NFTs (Shiboshis).
Coinbase listing was a key factor that triggered a rally in the token, driving the price to $0.00003473. Though SHIB price is 22% away from its all-time high, the memetoken has made a massive comeback over the past four weeks.
The implementation of the burn policy has fueled a bullish outlook among traders. Shytoshi Kusama, project head for the SHIB ecosystem, recently tweeted about the new burn policy and its impact on Shiba Inu.
But WAIT there's more. A % of EACH transaction will be burnt! This is exactly what the community has asked for and is the perfect way we can all do our part to burn massive amounts of #SHIB.
— Shytoshi Kusama (@ShytoshiKusama) October 7, 2021
Best of all, @NOWPayments_io is also onboarding $LEASH and $BONE 3/5
With its rapid growth and rising market capitalization, SHIB has already surpassed Litecoin, Chainlink and Avalanche. SHIB price is up over 245% in the past week.
@DelCrypto, a stock market and cryptocurrency analyst, recently argued that Shiba Inu is primed to rank in the top three cryptocurrencies by market capitalization. The analyst is of the opinion that SHIB is likely to dethrone ADA.
“The Flippening” is taking on a whole new meaning!!!
— Del Crxpto (@DelCrxpto) October 9, 2021
Rumors starting to swirl in the cryptosphere that $SHIB has potential to break top ten & then it gets interesting, as its surging potential could flip $ADA to become a top 3 crypto!!!#1CentDream#1CentDreamShib#SHIBarmy
The narrative of "flippening" is used in the context of Ethereum surpassing Bitcoin's market cap. The new "flippening" is SHIB, possibly dethroning ADA and ranking in the top three cryptos.
SHIB's current market capitalization is $14.6 billion and five times increase puts Shiba Inu at par with Cardano. Cardano's market cap is $71 billion.
Critics are rejecting the possibility of further growth in SHIB price. Michael Burry, the investor who famously predicted the 2008 financial crisis, was recently quoted as saying:
Just saying, one quadrillion seconds is about 32 million years; One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless.
SHIB's supply is capped at one quadrillion tokens, and Burry considers the memetoken pointless. Despite the critique, SHIB price is climbing higher.
FXStreet analysts have predicted that the memecoin is likely to present a buying opportunity to traders before hitting a target of $0.00005.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
