A market analyst has suggested that Shiba Inu has the potential to reach $0.001, a milestone that would mark a significant gain for the popular meme coin. This prediction comes as the token faces a prolonged correction, continuing its struggles to regain upward momentum after a week of persistent declines.
Price Correction and Ongoing Market Pressure
The asset is currently in a challenging correction period, seeing a consistent series of lower highs. This downward trend was further exacerbated when the token broke below the key support level at $0.00002, a psychological barrier for many traders. Despite this bearish momentum, certain analysts remain hopeful about the coin’s potential for recovery.
One of the most prominent voices supporting this optimism is Shib Knight, a well-known figure in the community with a large following. Knight has repeatedly emphasized the long-term potential of the digital asset, even in the face of recent challenges. He believes that reaching $0.001 is not just possible but realistic for the meme coin.
The Path to $0.001
Knight’s confidence in the token’s price potential is rooted in the coin’s performance over the last few months. August, when the token was trading at $0.00001380, he suggested that the meme coin could reach $0.001. Since then, SHIB has appreciated by over 140%, rising to $0.00003343 in December 2024, before experiencing a slight retracement. Despite this recent decline, the token is still up by about 34% compared to the time of Knight’s initial prediction.
As of report time, the token is priced at $0.00001865, achieving the $0.001 target would require a dramatic increase of 5,262%. While this increase may seem steep, Knight remains steadfast in his belief that such growth is achievable in the long term. However, the analyst also acknowledges that $0.0001 is a more immediate and realistic goal for the asset.
A Realistic Price Target: $0.0001
Knight is not only focused on the longer-term potential of the token but also sees $0.0001 as a more attainable price point in the short to medium term. The asset’s closest approach to this milestone occurred in October 2021, when the token reached an all-time high of $0.00008845. At that time, the token was just 13% away from hitting the $0.0001 mark, and many analysts believe that this level could be reached again in the current market cycle.
Projections for Price Pathway
In addition to Knight’s analysis, another community member, Meme Whale, has provided a timeline for SHIB’s potential growth. Meme Whale shared a chart tracing the token’s historical price movements, starting from $0.000000000510 in August 2020 to $0.0000073 in September 2023. This chart suggested that SHIB could follow a similar trajectory, potentially reclaiming its all-time high of $0.00008845 by January 2025. However, with January nearing its close, this projection seems unlikely to materialize.
Meme Whale forecasts that the asset could reach the $0.0001 mark by February 2025. From there, further projections suggest it could continue its upward momentum, potentially hitting $0.0005 by March 2025 and reaching the $0.001 target by April 2025. While these predictions reflect an optimistic outlook, the analyst cautions that current market conditions may make such rapid price increases difficult.
Despite recent price corrections, analysts remain bullish on SHIB’s long-term prospects. They believe SHIB can achieve significant milestones, provided market conditions become favorable, potentially sending its value upward again.
