Shiba Inu Price Prediction When SHIB Overtakes Tron Blockchain In Market Cap – Big Price Pump Coming In?
Shiba Inu (SHIB), the dog meme-inspired ERC-20 token that powers the Shiba Inu web3 ecosystem, has had a higher market cap than Tron (TRX), the cryptocurrency that powers the Tron blockchain protocol, since mid-March.
This partially reflects suppression of the TRX price due to news last month that the US Securities and Exchange Commission (SEC) is going after Tron blockchain founder Justin Sun over alleged securities fraud.
Shiba Inu last had a market value of around $6.5 billion, while Trons was closer to $6.0 billion.
That makes the two cryptocurrencies the 14thth and 15th largest in the world by market value respectively, according to CoinGecko.
Shiba Inu’s SHIB token last changed hands near $0.000011, according to TradingView citing Coinbase exchange data.
The cryptocurrency is staying well within the $0.000010-0.00001170ish ranges that have been dominant since early March.
Shiba Inu (SHIB) Price Prediction – Huge Price Pump Coming?
Shiba Inu’s subdued trading conditions in recent weeks come in tandem with consolidation seen in other major cryptocurrencies such as Bitcoin.
In fact, since a quick spurt higher in mid-March, the world’s largest cryptocurrency by market capitalization has spent more than three weeks teetering on either side of the $28,000 level.
But major upcoming US macro events this week could move Bitcoin and the broader crypto market out of its doldrums.
US consumer price index (CPI) data is scheduled to be released on Wednesday, followed by US producer price index (PPI) data on Thursday and US retail sales and consumer sentiment data on Friday.
The minutes from last month’s FOMC meeting also arrive on Wednesday, along with a smattering of Fed policymakers who have spoken throughout the week.
Last Friday’s solid US jobs data raised the implied odds of another 25 bps rate hike from the Fed at next month’s meeting to slightly above even, but that price could easily change in the wake of this week’s data.
US inflation data, for example, is expected to show a sharp drop in price pressures month-on-year, which should take some pressure off the Fed to be so aggressive with rate hikes.
Meanwhile, the retail and consumer sentiment reports could have a meaningful impact on growth expectations – in the wake of last month’s banking crisis and last week’s weak US ISM PMI surveys, more and more analysts are betting that the US will enter a recession later in 2023.
If this week’s data and Fed events support the idea of 1) inflation coming down quickly and 2) a likely coming recession, that could weigh on the US dollar and yields and likely support growth stocks and cryptocurrencies like Shiba Inu.
Another key theme to watch this week is the unofficial start of the Q1 2023 earnings season, which is being kicked off by a number of major US banks.
Their comments and guidance in the wake of last month’s banking woes could also have an overall impact on sentiment.
While not guaranteed, the catalysts are certainly there for a possible rise in crypto prices.
SHIB bulls will hope that this translates into an upside breakout of the ascending triangle that the meme coin has formed in recent weeks.
A break above the $0.00001170 resistance zone could open the door for a push higher towards previous yearly highs in the $0.000016 area, which would mark close to 50% gains from today’s levels.
It remains to be seen whether upcoming Shiba Inu ecosystem developments, such as the launch of the much talked about Shiba Inu layer-2 Ethereum scaling solution called Shibarium, can give the bulls further cause for excitement.
Love Hate Inu (LHINU) – A Shiba Inu option to consider
The Shiba Inu’s short-term outlook is potentially very good.
But the fact that the Shiba Inu is already so well-known and famous and already has such a massive market value makes 10xing from today’s level more difficult.
Investors may therefore want to consider investing in some lesser-known coins that are potentially more likely to see exponential gains.
A great new meme coin to consider is Love Hate Inu, a new dog meme-inspired social media voting platform that has taken the internet by storm in recent weeks.
To fund the development of its revolutionary vote-to-earn platform, Love Hate Inu is currently conducting a pre-sale of the LHINU token.
Pre-sales have been a huge success, with Love Hate Inu already raking in a whopping $3.4 million, and pre-sales have already entered Phase 4.
Analysts at Cryptonews.com have ranked Love Hate Inu as the hottest presale of 2023, and many believe the cryptocurrency could see big gains when it comes to ICO later this year.
Buy Love Hate Inu now
