Lately, Shiba Inu has been on quite a ride, seeing some big jumps in its price. People are buzzing about it, throwing around predictions of even more growth in the future. Now, the question is will the SHIB price reach $1 before Bitcoin halving? Let’s take a look at this SHIB Price prediction article in more detail.
The talk around meme coins like SHIB and DOGE is getting pretty intense. Everyone seems to have their own take on which one’s a better investment. And with all the forecasts pointing towards more good times ahead in the crypto world, the debate is only getting hotter.
Currently, Shiba Inu is trading at around $0.00002289, and boy, it’s been busy. In the last 24 hours alone, it’s seen a trading volume of $2.95 billion, making its market cap a whopping $13.49 billion. With a market dominance of 0.56%, Shiba Inu’s price has seen a slight increase of 1.61% in the past day.
Now, let’s talk milestones. Shiba Inu hit its highest price ever on October 28, 2021, reaching an all-time high of $0.00008819. That’s quite a peak! On the flip side, its lowest price was recorded on November 28, 2020, when it dipped to an all-time low of $0.0000105637. Since then, it’s had its ups and downs, with the lowest point since its all-time high hitting $0.000055821 (what a rollercoaster!). On the brighter side, it managed to reach a cycle high of $0.00002339.
In terms of predictions, the sentiment surrounding Shiba Inu’s price is currently bullish. People are feeling pretty optimistic about its future. Meanwhile, the Fear & Greed Index is showing a score of 82, which indicates extreme greed among investors. It’s clear that excitement is in the air!
When it comes to supply, there’s currently about 589.29 trillion SHIB tokens in circulation out of a maximum supply of 589.74 trillion SHIB. And get this, the yearly supply inflation rate is at 7.33%, meaning around 40.23 trillion SHIB were created in the last year alone. That’s a lot of tokens flying around!
SHIB Price Prediction: Why Could the SHIB Price Explode Further?
In a bear market, speculative meme coins tend to take a big hit as there’s minimal interest from speculators and new investors in the crypto space. However, in the past few days, Bitcoin’s price has surged dramatically, nearly reaching its all-time high once again.
This resurgence has reignited interest in the crypto market overall. During bullish phases like this, the most speculative cryptocurrencies, often referred to as memecoins, tend to skyrocket. It’s worth noting that both Dogecoin and Shiba Inu have experienced significant losses compared to other altcoins over the past two years. But recently, both have seen remarkable price surges, defying previous trends.
SHIB Price Prediction: SHIB Price Eyeing $1 Before Bitcoin Halving?
With SHIB’s price currently at $0.00002287 and having surged by a remarkable 152% in the last 30 days alone, it’s clear that momentum is on its side. Over the past year, SHIB has shown substantial growth, with a 105% increase, outperforming 57% of the top 100 crypto assets during this period.
Additionally, trading above the 200-day simple moving average and boasting 22 green days out of the last 30 (representing 73% of the time frame), SHIB is demonstrating strong bullish tendencies. Its proximity to the cycle high suggests further potential for upward movement.
Moreover, with high liquidity based on its market cap, SHIB appears well-positioned to capitalize on market opportunities. Considering these factors and with the Bitcoin halving scheduled for April 2024, SHIB may indeed have its sights set on reaching $1 before this significant event.
Yet, the current price of SHIB at $0.00002287 represents a significant price gap from the target of $1. This gap highlights the vast difference that would need to be bridged for SHIB to reach such a high value.
In fact, the price would need to increase by over 43,700 times its current value to reach $1. While SHIB has shown impressive growth recently, achieving such a monumental increase in price would require an unprecedented surge in demand and buying pressure. Additionally, it’s essential to consider the market mood and potential challenges that could impede such a substantial price jump. Therefore, while $1 may be an aspirational goal, the current price gap suggests that reaching this milestone would require extraordinary circumstances and may not be realistic in the foreseeable future.
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.