Analyst Thinks Shiba Inu Could See 4x Growth in 2024

The post Analyst Thinks Shiba Inu Could See 4x Growth in 2024 appeared first on Coinpedia Fintech News

Meme coins have been making noise lately, causing massive excitement among market participants. 

Expert analysts have also chimed in, with Austin Hilton providing an exciting bullish prediction for Shiba Inu.

Bitcoin Spot ETF Approvals Present Massive Potential for SHIB, Analyst Says

Crypto trader and analyst Austin Hilton is bullish on Shiba Inu following the Bitcoin spot ETF approvals, forecasting the price could rise as high as $0.0000417 by the end of 2024.

This would equate to more than a 4x growth from its current price, but the analyst even speculates SHIB could hit the target much quicker, thanks to the Bitcoin ETF approvals.

Hilton broke down an analysis of the Shiba Inu price at the end of December, speculating that surging institutional interest in Bitcoin will trickle down into altcoins, bolstering Shiba Inu’s price alongside other crypto assets.

“If we get the January 10th approvals of the Bitcoin spot ETFs, Shiba Inu and all other top 50 cryptos will go up in one capacity or more.”

He continued, “We will see so much money flowing into crypto from institutional investors, retail investors, and yes, you can guarantee that there is some institutional money in SHIB.”

Consequently, his bull case is that hype takes over and causes a massive breakout, pushing SHIB to $0.0000417 in January.

The video was published on 28 December 2023, when SHIB was trading at $0.00001057. Currently, it is priced at $​​0.000009563, a 9.5% decrease.

That said, the market has experienced significant volatility in recent weeks, but analysts anticipate a substantial uptick for altcoins as the market stabilizes.

Michael Wrubel recently highlighted that Bitcoin dominance is finding resistance after the pre-ETF run up, speculating altcoins will now take over as liquidity and narratives rotate.

The Shiba Inu price chart also displays bullish momentum after recently breaking above its trend line resistance.

This is a notably bullish move, particularly when coupled with a rising trading volume as the breakout begins.

However, Shiba Inu is not the only meme coin experiencing such momentum. Another is Meme Kombat, a trending presale quickly approaching $7 million.

Another Meme Coin to Watch: Meme Kombat Backed to 100X

Meme Kombat is a Play-to-Earn token with GambleFi utility. The platform lets users watch and bet on AI-generated battles between meme coin characters. Fights will occur in an augmented arena, providing an immersive, gamified betting experience.

The project’s unique use case opens it to multiple promising narratives in one token. The result is almost $7 million raised in its presale so far, indicating tremendous community interest.

Austin Hilton offers a unique insight into Meme Kombat. He notes its integration of meme coin characters provides a tribalistic outlook where various meme coin communities will engage to support their respective meme coin.

“One of the coolest crypto projects I have ever seen,” he says. 

Meanwhile, analyst Michael Wrubel recently dubbed Meme Kombat “the next 100x gaming meme crypto.”

Users can play various game modes, and the platform leverages traditional odds mechanics for a fair and realistic gambling experience. This adds significant token utility, aligning its demand and price with the platform’s success.

Meme Kombat also boasts a staking mechanism, currently offering a 135% APY. This will decrease as the staking pool grows, so those looking to maximize their Meme Kombat presale investment should act fast.