Is Shiba Inu Set to Hit $3.5 Now That Bitcoin Hit $100K?
Shiba Inu (SHIB) is creating a buzz in the crypto world with its growing popularity and potential for a big price jump. As Bitcoin crosses the $100,000 mark, many are wondering if SHIB could be the next to soar. In this Shiba Inu price prediction article, well break down whats driving the excitement around Shiba Inu and what the future might hold for this playful yet powerful cryptocurrency. Lets take a closer look!
How has the Shiba Inu (SHIB) Price Moved Recently?
Shiba Inu (SHIB) is currently priced at $0.00003148, with a 24-hour trading volume of $3.81 billion, a market cap of $18.55 billion, and a market dominance of 0.50%. Over the past 24 hours, SHIB's price has risen by 3.21%.
SHIB reached its all-time high of $0.00008819 on October 28, 2021. Its lowest recorded price was $0.0000000005637 on November 28, 2020. Since its peak, the lowest price recorded was $0.000005821 (cycle low), while the highest price since then was $0.00004501 (cycle high). The market sentiment for Shiba Inu remains bullish, and the Fear & Greed Index is at 84, indicating Extreme Greed.
Shiba Inu's circulating supply stands at 589.26 trillion SHIB, with a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is currently -0.02%, meaning 90.76 billion SHIB were removed from circulation over the past year.
Is Shiba Inu Set to Hit $3.5 mark?
Shiba Inu (SHIB) has consistently demonstrated a strong alignment with Bitcoin (BTC), with a correlation coefficient of 0.71 highlighting the significant influence BTC's market movements have on SHIB. This high correlation means that SHIB often mirrors Bitcoins price trends, benefiting from its bullish momentum.
For instance, when Bitcoin recently broke the $100,000 mark, SHIBs price responded by climbing to $0.00003268, its highest level in months. This interconnected behavior underscores the potential for SHIB to capitalize on Bitcoins market dominance, particularly during significant rallies.
The ongoing token-burning mechanism within the Shiba Inu ecosystem has been a game-changer for its economic model. With over 410 trillion tokens permanently removed from circulation, the total supply has been reduced to 583 trillion.
This aggressive burning strategy creates scarcity, enhancing the relative value of the remaining tokens. By systematically decreasing the supply, the Shiba Inu community has introduced a deflationary mechanism that appeals to long-term investors looking for sustainable growth potential. Each burned token contributes to increasing SHIBs intrinsic value, making it an increasingly attractive investment.
The broader Shiba Inu ecosystem also plays a critical role in sustaining value and driving SHIBs growth. Shibarium, the networks advanced layer-2 solution, has processed nearly 600 million transactions, while ShibaSwap, the decentralized exchange, boasts a robust asset portfolio exceeding $26 million.
These platforms not only increase SHIBs utility but also generate transaction fees that are converted into SHIB tokens and subsequently burned. This cycle of value generation and deflation ties the ecosystem's activity directly to SHIBs scarcity, further supporting its price appreciation.
Shiba Inus recent performance, supported by these deflationary mechanisms and ecosystem advancements, positions it for continued upward momentum. The combination of strong market correlation with Bitcoin, an aggressive token burn strategy, and a rapidly growing ecosystem underscores its potential for price increases, particularly as Bitcoin consolidates its position above $100,000. These factors together create a compelling case for Shiba Inu's growth trajectory.
Conclusion
While a price of $3.5 remains a distant and ambitious goal under current market conditions, SHIB is positioned for continued growth. Its strong correlation with BTC, deflationary tokenomics, and ecosystem advancements provide a solid foundation for price appreciation. Short-term targets like $0.000037 are more realistic, with potential for higher gains if SHIBs strategies and market dynamics align favorably. However, achieving such exponential growth will require patience, significant market adoption, and a consistent reduction in token supply over time.
Read more: https://cryptoticker.io/en/shiba-inu-set-to-hit-3-5-bitcoin-100k/
Text source: CryptoTicker
