- Shiba Inu may have found a new vibe that could trigger a potential rally.
- A Crypto analyst considers SHIB’s $1 by 2024 target unrealistic.
- Crypto All-Stars could trigger a memecoin season soon.
Shiba Inu may have found a new vibe that could trigger a potential rally, but one crypto analyst believes a $1 price projection for 2024 is far-fetched. Citing a publication, the analyst highlighted how none of the recent developments in the Shiba Inu ecosystem could generate the level of adoption to trigger such a surge so soon.
The analyst argues that tech developments like Shibarium and the new decentralized autonomous organization (DAO) aren’t directly impacting Shiba Inu’s adoption. He thinks crypto users don’t really care about the new DAO, and Shibarium hasn’t boosted demand for SHIB. So, he disagrees with the idea that SHIB has been the star of the recent meme coin rally.
Focusing on the SHIB DAO, the analyst did not see it as a major driver of demand for the meme coin. He described it as a project that helps users decide where to donate money. He quoted Shiba Inu’s marketing lead, Lucie, saying that Shiba Inu set up the SHIB DAO so that its community members could have a say in their charitable contributions. For instance, SHIB donors can determine the destination of their charity donations.
Meanwhile, the analyst cited a novel development in the memecoin ecosystem that may have triggered the recently observed frenzy. According to him, the newly launched Crypto All-Stars could significantly affect the development of several memecoins, including SHIB. He explained that the Crypto All-Stars project will let crypto community members who own SHIB, PEPE, FLOKI, DOGE, and other top meme coins stake them to earn rewards.
Crypto All-Stars is still in its ICO stage and has already raised over $800,000 at the time of writing. The project is currently a hot topic among crypto community members, with some users predicting it will cause a surge in the meme coin sector.
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