Shiba Inu to flip Dogecoin as analysts see SHIB price rising to $0.01
- The trade volume of Shiba Inu tokens in the wrapped Ethereum market explodes, crossing $230 million overnight.
- The return rate of the SHIB-ETH pool exceeded 120% to hit a new high on October 24.
- With SHIB’s Doggy DAO launches, BONE holders will make proposals and vote for the ecosystem.
- Analysts are bullish on SHIB price after it hit a new all-time high of $0.000044 – setting a target of 1 cent.
Shiba Inu token emerged as the third most traded cryptocurrency in the past 24 hours after hitting a new all-time high. Experts have predicted that the memecoin will soon rank in the top 10 cryptocurrencies by market capitalization.
SHIB prepares to rank in top 10 cryptocurrencies; analysts set price target of 1 cent
According to crypto data aggregator Coinmarketcap.com, the 24-hour trade volume of SHIB has exceeded that of ETH by nearly $400 million. SHIB price hit an all-time high of $0.000044 a few hours ago, and the memecoin’s on-chain activity has exploded.
The trade volume of SHIB-WETH (Shiba Inu token and Wrapped Ethereum) has crossed $230 million overnight, as returns on the SHIB-ETH pool exceeded 120%. The returns on the pool hit a new all-time high ahead of the massive rally in SHIB price.
SHIB-WETH trade volume as of October 25, 2021.
Currently, the eleventh largest cryptocurrency by market capitalization (based on data from CoinGecko) SHIB has passed what traders call the “Musk Stress Test.”
The tech billionaire revealed that he does not hold SHIB tokens, and experts anticipated a bearish shift in trader sentiment. In contrast, SHIB price is close to $0.00004, posting nearly 43% gains over the past week.
Hey @elonmusk How Much $Shib You Are Holding!!
— Shiba Inu (@ShibaInuHodler) October 24, 2021
The Shiba Inu ecosystem’s next major update is the launch of Doggy DAO. BONE token holders will be able to make proposals and vote following the update.
The top drivers for exploding on-chain activity and spike in SHIB price are the rising returns in SHIB-WETH pools, upcoming updates (Shibarium, Doggy DAO and Shiboshi game) and the cryptocurrency’s fast growing market capitalization.
The creation of a truly decentralized governance through Doggy DAO is expected to push the number of SHIB wallet addresses higher, boosting the SHIB trading activity of holders and traders.
Analysts have a bullish outlook on Shiba Inu and predict a breakout in SHIB price. December DeMarco, a cryptocurrency analyst and YouTuber, has predicted that SHIB is on the road to $0.01.
FXStreet analysts have evaluated the SHIB price trend and predicted a 90% surge.
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.
