$SHIB - Shiba Inu has outperformed Bitcoin over the past 365 days, and one expert says that's just the beginning.
Shiba Inu (SHIB), the runner-up in meme coins with a market cap of $15 billion, could be in for a major run, according to crypto YouTuber Austin Hilton. The popular Web3 influencer pointed to SHIB’s growing adoption and the potential for its tech ecosystem to evolve significantly as the main catalysts for its price action in the coming months.
Over the past few years, the Ethereum blockchain-based SHIB coin has proven itself to be more than just a meme coin thanks to its new software developments and the flourishing of its technical ecosystem. These developments include privacy features, the Shibarium layer-2 scaling solution aimed at reducing the cost and efficiency of completing transactions, the launch of a decentralized exchange (DEX) for cryptocurrency exchanges, and the addition of liquidity and staking features to its technical ecosystem. These developments have contributed to the price of SHIB rising by 212% in one year.
Hilton explained that this growth is still ongoing, pointing to the expansion of ShibaSwap services in addition to the increasing rate of burning coins to reduce its current huge supply and its adoption as a means of payment by some companies.
Can SHIB Keep Up With The Bull Market?
Hilton’s predictions coincide with an improvement in the performance of crypto markets, as the price of Bitcoin (BTC) has succeeded in reaching new successive highs since Donald Trump was re-elected as president earlier this month, due to his promises to provide regulatory clarity and support for the sector.
At its current price, the oldest cryptocurrency is just $2,500 away from hitting the $100,000 mark, an event that could have a lot of implications given the psychological barrier it represents for traders. Optimists expect that hitting such a milestone will encourage smaller traders to participate and push the price even further, while more pessimistic views suggest that BTC holders will take some profits and wait for a correction to buy back.
For its part, the chart of Shiba Inu price movements shows that the meme coin price rose in line with the rest of the sector’s assets in early November, reaching $0.00002949 on November 12. Dogecoin was able to maintain its gains, but its price is currently still 70.5% below its all-time high of $0.00008616 on October 28, 2021.
However, Shiba Inu currently looks set to ride a fresh wave of gains, with the 30-day moving average (DMA) line having taken an upward trajectory since its launch, while the RSI reading has remained within the 30-70 range for most of this month, which could enable holders to reap the long-awaited Christmas gains.
