Shiba Inu (SHIB), one of the top dog-themed tokens, recently received a bold price prediction about its possible ascent to $1. While its current value may not show it, the analysis suggests a potentially meteoric rise in the future.
Currently, SHIB sits at $0.00001019, up 1.67% in 24 hours, with a day trading volume of $218.17 million. Although its current price is down 88.46% from its all-time high, SHIB has shown signs of resilience in the past year. Trading comfortably above its 200-day simple moving average, SHIB is currently showing sustained upward momentum.
CryptoTicker highlighted that the sentiment surrounding SHIB leans towards optimism, fueled by a “Greed” rating of 73 on the Fear & Greed Index and a string of 21 green days out of the last 30. Notably, SHIB has outperformed 64% of the top 100 crypto assets over the past year, showcasing its relative strength and a high level of liquidity.
While concerns like a 7.33% annual inflation rate may linger, CryptoTicker emphatically declares that SHIB is far from dead. Its recent performance and technical indicators paint a picture of a coin with potential, not one nearing its demise.
Despite the fears arising from Tron (TRX) founder Justin Sun’s whopping withdrawal of SHIB tokens from Binance, the digital asset has not reacted negatively and is expected to remain strong.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Can Shiba Inu (SHIB) Reach $1?
This is where things get interesting. CryptoTicker’s prediction takes a daring leap, suggesting that SHIB could potentially reach a jaw-dropping $1. However, the analyst behind the post points out that reaching such stratospheric heights would require a monumental 95.7 million percent increase from its current prices.
However, SHIB has plans to help push up its price. Token burning plays a crucial role in driving up coin prices. CryptoTicker delves into this aspect, proposing that approximately 6.14 billion SHIB burns would be necessary to make the $1 price happen. It’s worth noting that this calculation assumes all other factors remain constant, which is a rare occurrence in the volatile crypto landscape.
While the $1 mark may seem like a distant fantasy for SHIB right now, the crypto market has seen more remarkable surges. Shiba Inu lead developer also recently teased a big announcement that could impact the SHIB price uprising.
Follow us on Twitter, Facebook, Telegram, and Google News
