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Shiba Inu, despite recent fluctuations in value, continues to garner attention from notable figures within the cryptocurrency space. One such individual, Jake Gagain, recently voiced strong support for Shiba Inu's future performance. Despite a challenging week for the 13th-largest cryptocurrency by market capitalization, Gagain remains optimistic about its long-term trajectory.
Several developments within the Shiba (SHIB) Inu ecosystem may explain the ongoing interest in its potential. Since its inception, Shiba Inu has evolved from a meme token into a full-fledged digital ecosystem. The project now includes various initiatives, such as Shiba Eternity (a play-to-earn game), a decentralized autonomous organization (DAO), a metaverse project titled Shib: The Metaverse, non-fungible tokens (NFTs), a layer-2 blockchain called Shibarium, and a decentralized exchange known as ShibaSwap. Furthermore, the team behind Shiba Inu introduced an automated burn mechanism, ShibTorch, designed to reduce the circulating supply using a portion of transaction fees from Shibarium. These advancements have strengthened the community's confidence in Shiba Inu, contributing to ongoing optimism about its future growth.
Recent macroeconomic factors have had a significant impact on Shiba Inu's price. A weak ISM Manufacturing report, which showed the PMI index falling to 47.2, contributed to a broader market downturn, affecting cryptocurrencies like Shiba Inu. On September 6, the token experienced a 7.09% decline, dropping to $0.00001244 from a daily high of $0.00001339. Bitcoin's price also fell during this period, demonstrating how closely the crypto market is interconnected.
Despite these market challenges, Gagain has maintained his positive outlook for Shiba Inu, suggesting that the token could reach a market capitalization of $100 billion before the close of the 2024/2025 cycle. Currently, Shiba Inu has a market cap of $7.74 billion. To achieve the $100 billion mark, its value would need to increase by 1,191%, which could push the price to an all-time high of $0.00016925. The Shiba Inu community continues to focus on the possibility of the token reaching the $0.0001 price point, a goal shared by several prominent figures within the space.
