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SHIB Price Prediction: SHIB Price Could Reach $1 If This Happens…

In this prediction, we'll look at how much the price of SHIB might increase. Let's take a look at this SHIB price prediction

Prasanna Peshkar

Prasanna Peshkar

December 19, 2023 1:44 PM

SHIB Price Prediction: SHIB Price Could Reach $1 If This Happens…

Even though Shiba Inu’s prices in the crypto market are not very high, it has proven to have a lot of potential. As the world of cryptocurrencies keeps changing, many investors and fans are still interested in Shiba Inu. In this prediction, we’ll look at how much the price of SHIB might increase. Let’s take a look at this SHIB price prediction in more detail.

As of now, the price of Shiba Inu is $ 0.00001042, and it has a trading volume of $ 237.87M in the last 24 hours. The market cap is $ 6.14B, and Shiba Inu’s market dominance is 0.38%, with a 5.87% increase in the past day.

The highest Shiba Inu price was on Oct 28, 2021, at $ 0.00008819, and the lowest was on Nov 28, 2020, at $ 0.0₁₀5637. After reaching its all-time high, the lowest price dropped to $ 0.0₅5603. The highest price since the last low was $ 0.00001179. Currently, the sentiment for Shiba Inu’s price prediction is bullish, and the Fear & Greed Index shows 73 (Greed).

The circulating supply of Shiba Inu is 589.32 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is 7.33%, resulting in the creation of 40.25 trillion SHIB in the last year. In terms of market cap, Shiba Inu is ranked #5 in the Ethereum (ERC20) Tokens sector and #2 in the Meme Coins sector.

Is Shiba Inu Dead?

NO. Over the past year, Shiba Inu (SHIB) has demonstrated notable performance in the crypto market, registering a significant 19% increase in its price. This positive trend is further supported by the fact that SHIB is currently trading above its 200-day simple moving average, indicating a sustained upward momentum. 

Impressively, the token has experienced 21 green days in the last 30 days, accounting for a substantial 70% of the observed period, highlighting consistent bullish sentiment. Additionally, Shiba Inu boasts high liquidity, as reflected in its substantial market cap. Despite its impressive gains, SHIB is down by 88% from its all-time high, suggesting potential room for recovery. 

It’s worth noting that Shiba Inu has outperformed 64% of the top 100 crypto assets over the past year, showcasing its relative strength in comparison to other digital assets. 

However, it has lagged behind the performance of major cryptocurrencies like Bitcoin and Ethereum. Furthermore, the yearly inflation rate for Shiba Inu stands at 7.33%, a factor that investors may consider in evaluating its long-term sustainability. Yet, SHIB is definitely not dead and it can bounce back after Bitcoin halving.

SHIB Price to reach $1? 

To calculate the percentage growth required for Shiba Inu (SHIB) to reach the $1 price mark, we can use the formula:

Percentage Growth Required=(Target Price−Current Price​/ Current Price)×100

Given the data provided:

Current Price = $0.00001041

Target Price = $1

Percentage Growth Required=(1- 0.00001041/0.00001041​)×100

Percentage Growth Required = 95,700,966.36%

Therefore, Shiba Inu would need an astronomical percentage growth of approximately 95,700,966.36% to reach the $1 price mark from its current price of $0.00001041. It’s important to note that such a drastic increase is highly unlikely in a short period, and these calculations are for illustrative purposes, assuming all other factors remain constant. 

Also if we analyze the token burning equation then:  

To calculate the number of token burns required for the Shiba Inu (SHIB) price to reach $1, we can use the formula:

Token Burns Required= Fully Diluted Market Cap​/Target Price per Token

Given the data provided:

Fully Diluted Market Cap = $6,137,007,682

Target Price per Token = $1

Token Burns Required= 6,137,007,682/1​

Token Burns Required=6,137,007,682

So, approximately 6.14 billion token burns would be required for the Shiba Inu price to reach $1, assuming all other factors remain constant. The path to higher valuations often involves a complex interplay of market forces, and actual outcomes may vary based on a multitude of factors. 

Conclusion

Reaching a $1 price mark for Shiba Inu (SHIB) from its current price of $0.00001041 would require an extraordinary percentage growth of approximately 95,700,966.36%. While such a surge may seem implausible in the short term, it’s important to recognize that cryptocurrency markets are highly dynamic and influenced by various factors. Realistically, achieving such a significant increase in value would be an unprecedented and challenging feat. 

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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