In a surprising move, a big amount of Shiba Inu coins, 8.2 billion SHIB, worth around $76,000, was burnt. This means these coins are gone forever. This event has got a lot of people talking in the world of cryptocurrency, especially those who like Shiba Inu (SHIB).
What is Shiba Inu?
Shiba Inu, or SHIB for short, is a kind of digital money that started in August 2020. It was made by someone called “Ryoshi.” At first, people thought it was just for fun and similar to Dogecoin, but it quickly became very popular. SHIB is a special type of digital coin that works on the Ethereum system, which is like a big, secure computer network. It’s part of a group that includes other digital coins and even its own trading place called ShibaSwap.
Can Shiba Inu Reach 10 Cents in the Bull Market?
After burning so many SHIB coins, people are wondering if the price can go up a lot, like reaching 10 cents during a really good market time, called a bull market.
Right now, the price of SHIB is $0.0000099. To reach 10 cents, it would need to go up a lot. The world of digital money can change fast, and sometimes prices go up quickly because of good news, more people using it, or famous people supporting it.
Shiba Inu’s Current Market Performance
- Price Now: $0.0000099
- Change in 24h: Up by 10.12%, which is an increase of 0.00000091
- Highest in 24h: $0.00001024
- Lowest in 24h: $0.00000892
- Amount Traded in 24h (SHIB): 18,701,899,171,618.00
- Amount Traded in 24h (USDT)
- RSI (Strength Indicator): 75
The RSI at 75 shows that a lot of people are buying SHIB right now. But, when RSI is around 70 or more, it sometimes means that the price might go down a bit soon.
Price Prediction
Short-Term (Next Month):
Assuming SHIB continues to grow at a similar rate as the recent trend, let’s calculate a hypothetical growth over a month.
- Daily Growth Rate: 10.12%
- Approximate Monthly Growth:
- (1+10010.12)30×CurrentPrice = (1.1012)30×0.0000099 ≈ 0.0000259
This calculation suggests that if SHIB maintains a consistent daily growth rate of 10.12%, its price could reach approximately 0.0000259 in the next month.
Long-Term (For 2024):
Predicting over a year is even more speculative. Let’s assume a more conservative monthly growth rate of 5% for this long-term prediction.
- Monthly Growth Rate: 5%
- Number of Months till End of 2024: Approximately 12 months from now
- Approximate Price End of 2024:
- (1+1005)12×CurrentPrice = (1.05)12×0.0000099 ≈ 0.0000165
For the end of 2024, this scenario suggests that with a steady monthly growth rate of 5%, SHIB could reach around 0.0000165.
Predicting SHIB’s price exactly is hard because prices in the digital money world can change a lot. But, looking at how things are going now and the recent big burn of SHIB coins, the price might go up soon. If the market does really well and more people start using SHIB, its price could increase a lot.
However, for SHIB to reach 10 cents, it needs a huge increase. This would mean SHIB would be as big as the top digital currencies. This is a very big goal and would need a lot of changes in the market.
In short, the recent burning of 8.2 billion SHIB coins has made things more interesting for Shiba Inu. Reaching 10 cents is a big goal and not easy, but in the digital money world, anything can happen. If you’re thinking about investing in SHIB, keep an eye on how the market is doing, how many people are using it, and what people think about it.