Shiba Inu (SHIB), the Dogecoin-inspired meme token, has captured the hearts and portfolios of many crypto enthusiasts as it continues to be the second biggest meme coin in the market.
Recently, whispers of Shiba Inu (SHIB) reaching a staggering $0.01 have surfaced, and prominent analysts and firms have weighed in on the possibility and timeline for the digital asset to reach this price target. But is this ambition grounded in reality, or mere wishful thinking?
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SHIB’s Recent Trajectory
Despite a massive rally of over 60% in December, SHIB halted around $0.00001, consolidating around that level until early January. Rumors of the U.S. Securities and Exchange Commission (SEC) rejecting all spot Bitcoin ETF applications sent the market tumbling.
This shift sent SHIB below $0.00001, a crucial resistance point, and SHIB failed to stay above it multiple times. However, a 7.38% rally over the past 24 hours has sent SHIB to its current price of $0.0000101.
Shiba Inu (SHIB) Price Predictions
Despite the recent surge, analysts from Changelly, a crypto trading platform, predict a further decline this month, expecting SHIB to close January at $0.000009351. This means it’s expected to once again dip below $0.00001.
However, they foresee a positive trajectory for the rest of the year, with Changelly’s prediction table showing a projected minimum and average price of $0.0000139986 and a maximum price of $0.0000159984 for SHIB in 2024.
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The $0.01 Target
While Changelly paints a hopeful picture for the year, its predictions are far from the $0.01 target. The firm’s analysts said SHIB won’t reach that price until 2050, with a minimum price of $0.01329867, an average of $0.01379862, and a maximum of $0.01519848.
There have also been other opinions in the market. Google’s AI chatbot Bard is more bearish on SHIB, saying, “It is generally considered highly unlikely that SHIB will reach $0.01 in the near future.”
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When pressed further, Bard stated that SHIB could reach that price in the next decade. However, it described this scenario as highly unlikely, and all the stars would have to align for SHIB to reach this price.
SHIB’s Future
Although reaching this target seems impossible, the Shiba Inu team is working hard to push its meme coin forward. Shiba Inu’s lead developer, Shytoshi Kusama, recently revealed a plan to “invade the internet” with SHIB. The team has many planned surprises, indicating that the meme coin could shock the market in 2024.
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