As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets, but the meteoric rise of Shiba Inu is truly unprecedented. While I must admit that the possibility of SHIB reaching $1 has piqued my interest, I remain skeptical about it happening in this market cycle.
The possibility of Shiba Inu rising to $1 is one crypto community members look to support. This follows a recent poll by the crypto exchange CoinW, which showed that others besides the SHIB community believe such a price target may be attainable.
Shiba Inu Rising To $1 Gains Community Support
On a recent post from X (previously Twitter), CoinW posed a poll to the community about which prediction for leading cryptocurrencies is most likely to come true first. Among these predictions was the possibility of Shiba Inu reaching $1, indicating that this price point for the meme coin has been contemplated and backed by influential members within the crypto sphere.
A significant surge of Shiba Inu to a dollar value would be monumental, equating to over 7 million percent increase – an impressive feat for a meme coin. But remember, such astronomical gains aren’t unheard of for Shiba Inu; it previously skyrocketed by an astounding 150 million percent during the 2021 bull run. Yet, it’s hard to predict whether this price level can be attained in the current market cycle.
According to the most optimistic forecasts for SHIB, reaching a dollar in this current bull market is highly unlikely. While crypto expert Ali Martinez suggests that the meme coin could potentially reach as high as $0.011 during this market cycle, fellow analyst Armando Pantoja predicts a more modest rise to $0.001 within this bull run.
As a crypto investor, I’ve noticed the buzz around Shiba Inu potentially hitting $1, but I have my doubts due to the insights shared by analysts like Oscar Ramos. He recently expressed his view that Shiba Inu might struggle to reach even $0.01 in this cycle, given its staggering supply of over 580 trillion tokens.
Previously, the burn tracker for Shiba Inu indicated that the meme coin would require a circulating supply of slightly more than 85 billion tokens to hit $0.01. This implies that if Shiba Inu aims to ultimately reach $1, its supply will need to be significantly reduced from the current amount.
Shiba Inu’s Next Move
As a researcher delving into the world of cryptocurrencies, I’ve been closely following the speculations about when Shiba Inu might reach the dollar mark. Recently, crypto analyst Javon Marks has shared his insights on the meme coin’s potential next steps. According to his predictions, we could witness a significant price surge for Shiba Inu, possibly reaching $0.000081. Interestingly, Shiba Inu has already demonstrated a substantial breakout, hinting at potentially positive developments in the near future.
Reaching this price point signifies nearly a 500% increase in value for the meme coin from its current cost. Yet, Marks is optimistic that SHIB could achieve such growth, citing specific bullish indicators on the chart suggesting a potential breakout in the bullish direction for the meme coin.
Currently, Shiba Inu (SHIB) is hovering near the price point of approximately 0.00001378 USD, marking an increase of more than 5% within the past 24 hours, as per information from CoinMarketCap.
Cover image from Dall-E, chart from Tradingview
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2024-08-20 17:10