Shiba Inu (SHIB) Records Massive Price Spike as Ex-Goldman Analyst Predicts Meme Coin Cycle

Shiba Inu Leads Crypto Market Recovery

Shiba Inu (SHIB), the second-largest meme cryptocurrency, has spearheaded the recent market upswing, posting double-digit gains.

Despite some profit-taking, SHIB remains up an impressive 7% in the past 24 hours, making it the top performer among the top 20 cryptocurrencies, according to CoinGecko.

SHIB also ranks sixth among the top 100 cryptocurrencies, surpassed only by Notcoin, Arbitrum, Optimism, MANTRA, and Celestia.

notably, SHIB outperforms other meme coins, including Dogecoin, which has gained just 2.3% over the past day. Dogwifhat (WIF), meanwhile, has underperformed significantly, losing almost 6%.

Former Goldman Sachs analyst Murad Mahmudov believes the crypto market is poised for another meme coin cycle. He has previously advised investors to focus exclusively on meme cryptocurrencies.

In April, Mahmudov predicted that Pepe (PEPE) would surpass both Shiba Inu and Dogecoin in market capitalization. In May, he forecast that WIF would also eclipse SHIB.

Despite being down over 81% from its all-time high, SHIB remains valued at $9.6 billion, placing it as the 14th largest cryptocurrency by market capitalization. PEPE and WIF rank significantly lower, in 27th and 50th place, respectively.