Shiba Inu (SHIB) Leads Crypto Market Recovery, Former Goldman Analyst Predicts Another Meme Coin Cycle

Shiba Inu (SHIB), the second-biggest meme cryptocurrency, has led the recent crypto market recovery with double-digit gains.

Shiba Inu (SHIB) has led a broader crypto market recovery on Wednesday, posting double-digit gains as the meme coin continues to rally.

SHIB’s impressive performance comes amid a positive session for the cryptocurrency market, with the total crypto market cap rising by 1.3% over the past 24 hours to reach $963 billion, according to CoinMarketCap data.

The price of SHIB soared by 18.3% over the past 24 hours, reaching $0.00001306 by early Wednesday, according to CoinGecko data. This makes it the best-performing cryptocurrency among the top 20.

In fact, SHIB is also the sixth best-performing cryptocurrency in the top 100. Only Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM) and Celestia (TIA) are ahead of it.

Of course, SHIB is also greatly outperforming other meme cryptocurrencies. Archrival Dogecoin has added only 2.3% over the past 24 hours. Other coins have also recorded relatively modest gains.

Meanwhile, Dogwifhat (WIF) is down by almost 6%, becoming one of the biggest laggards among cryptocurrencies with a market cap bigger than $1 billion.

Recently, several analysts have highlighted SHIB’s impressive performance. As reported, former Goldman Sachs analyst Murad Mahmudov stated that the crypto market is going to experience another meme coin cycle. Previously, he suggested that digital asset investors should stick exclusively to meme cryptocurrencies.

In April, Mahmudov predicted that Pepe (PEPE) would end up flipping both Shiba Inu (SHIB) and Dogecoin (DOGE) by market capitalization. In May, he also forecast that WIF would also end up eclipsing SHIB.

Despite being down more than 81% from its all-time high, SHIB is still valued at $9.6 billion, which makes it the 14th biggest cryptocurrency by market cap. PEPE and WIF are in distant 27th and 50th places, respectively.

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