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. 

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 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.

 


 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP