Theo Austin Hilton, the second largest meme coin in cryptocurrency, Shiba Inu (SHIB) has a market capitalization of $15 billion, and may soon experience a strong price surge.
The famous influencer on Web3 stated that the increasing adoption of $SHIB and the potential for further development of the Shiba Inu ecosystem will be the main driving force behind prices in the coming months.
In recent years, the Ethereum-based Shiba Inu coin has shed its reputation as a meme coin with a series of new developments for both its software and ecosystem.
Including security features, a proprietary Layer 2 named Shibarium that improves transaction costs and efficiency, and a decentralized exchange (DEX) for token swapping, liquidity, and staking within the ecosystem. These developments have helped $SHIB increase by 212% over the past year.
Hilton stated that this growth is far from over. He pointed to the expansion of ShibaSwap, along with token burns to reduce the current massive supply and the adoption of mainstream businesses for payments.
Will $SHIB Continue Its Growth Momentum?
Hilton's prediction comes as the entire cryptocurrency market seems to be performing very well. Bitcoin ($BTC) has reached a new record high since Donald Trump was re-elected earlier this month, a leader who has promised to be more transparent in regulation and supportive of the industry.
At the current price level, this oldest cryptocurrency is about $2,500 away from the $100,000 mark, an event that could psychologically play out in both directions. Optimists predict that the price could rally retail investors to rush in and push the price even higher, while the more skeptical view suggests that $BTC holders may want to take some profits to cause a drop and buy back.
As we can see on Shiba's chart, this meme coin surged in pace with the market in early November, reaching a peak of $0.00002949 on November 12. The coin has maintained this increase, but is still 70.5% away from its all-time high (ATH) of $0.00008616, recorded on October 28, 2021.
However, Shiba is poised for another price surge. The 30-day moving average of the token has converged with its price, while its relative strength index has remained between 30 and 70 for most of the month so far. This prepares holders well for a festive meme season.