SHIB is currently displaying a bearish pattern. Yet, with a remarkable year-to-date return of over 300% in 2024, analysts are now forecasting that SHIB could potentially soar by 100 times, surprising early investors. Its low price and extensive circulating supply make SHIB an attractive option for investors seeking significant returns. Now, Bitcoin halving event is after 29 days almost so the question is: Is the SHIB price eyeing a huge rally? Let’s take a look at this Shiba Inu price prediction article in more detail.
As of now, Shiba Inu is priced at $0.00002702, with a 24-hour trading volume reaching $1.24 billion. Its market cap stands at $15.92 billion, representing a market dominance of 0.65%. Over the past 24 hours, the SHIB price has experienced a slight decrease of -0.98%.
Shiba Inu hit its peak price on October 28, 2021, soaring to its all-time high of $0.00008819. Conversely, its lowest price was recorded on November 28, 2020, dropping to an all-time low of $0.0000105637.
Since reaching its ATH, the lowest price observed was $0.000055821, marking a cycle low, while the highest SHIB price since the last cycle low reached $0.00004501, representing a cycle high.
Presently, the sentiment surrounding Shiba Inu’s price prediction remains neutral, while the Fear & Greed Index indicates a level of 73, indicating greed among investors.
Shiba Inu’s current circulating supply stands at 589.29 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is currently at 7.33%, resulting in the creation of 40.23 trillion SHIB over the past year.
Shiba Inu Price Prediction: Why Could the SHIB Price Explode?
The Shiba Inu community is buzzing with excitement as their beloved token, SHIB, finds new ways to shine by teaming up with Binance Pay, a leading cryptocurrency payment platform. This exciting news was just featured in the latest edition of Shib Magazine, released on March 20th.
Since its partnership with Binance Pay back in November 2022, SHIB holders have been able to put their tokens to real-world use, marking a big win for the whole ecosystem. This comes at a time when the cryptocurrency market is really heating up, with SHIB recently soaring past $0.00004 earlier this month. Analysts are feeling optimistic about SHIB’s chances of hitting a brand-new all-time high soon.
The team behind Shiba Inu is encouraging everyone holding SHIB to dive into the perks of using Binance Pay. They’re highlighting how convenient it is to use SHIB directly for purchases, skipping the hassle of converting to regular money.
Binance Pay is making it super easy for SHIB transactions across all sorts of areas like online shopping, travel bookings, and even buying gift cards for friends and family. And guess what? No pesky gas fees to worry about, making SHIB even more appealing as a way to pay.
The latest Shib Magazine report brings some awesome stats to light, showing just how much Shiba Inu is catching on through Binance Pay. Year-over-year data from 2022 to 2023 reveals a whopping 30% surge in SHIB-related transactions on the platform. Plus, SHIB has landed a spot among the top six most-used cryptocurrencies for transactions on Binance Pay during that time, proving its popularity and usefulness are on the rise.
Will SHIB reach $1?
Given the recent performance and key indicators, the outlook for SHIB appears promising, suggesting the potential for further price increases in the near term. Over the past year, SHIB has demonstrated impressive growth, with its price surging by 150%, outpacing 67% of the top 100 crypto assets. Notably, SHIB has even outperformed industry giants Bitcoin and Ethereum, showcasing its strength and resilience in the market.
Technical analysis also supports a bullish sentiment for SHIB. The token is currently trading above its 200-day simple moving average, indicating a positive long-term trend. Moreover, recent price action reflects strong momentum, with 17 out of the last 30 days showing gains, accounting for 57% of the observed period.
Additionally, SHIB boasts high liquidity, as evidenced by its substantial market capitalization. This suggests that there is significant interest and trading activity surrounding the token, providing ample opportunities for investors to buy and sell.
Taking these factors into consideration, it’s reasonable to anticipate further upside potential for SHIB. So, based on the above developments, during the pre-halving and post-halving days, the SHIB price could rise by an average of 400% growth and could reach $0.0001086.
Where to Buy SHIB?
For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.
