Shiba Inu Price Prediction: Will SHIB Reach $1 After Bitcoin Frenzy?
Shiba Inu (SHIB) has been making waves in the cryptocurrency world recently, with its price taking a significant jump. Over the past 24 hours, SHIB surged by 16%, reaching $0.00002929, catching the attention of crypto enthusiasts and investors alike. As excitement builds, the big question is: could SHIB ever reach the much-hyped $1 mark, especially with the recent buzz around Bitcoin's growth? In this Shiba Inu Price Prediction article, well dive into SHIBs latest price action, the factors driving its rise, and explore whether this momentum could push it closer to that $1 goal.
How has the Shiba Inu Price Moved Recently?
As of today, Shiba Inu (SHIB) is trading at $0.00002913, with a 24-hour trading volume of $5.79 billion, a market cap of $17.17 billion, and a market dominance of 0.57%. SHIBs price has risen by 15.21% in the past 24 hours, indicating strong momentum.
SHIB reached its all-time high of $0.00008819 on October 28, 2021. Its all-time low was recorded on November 28, 2020, at $0.0000000005637. Since hitting its peak, the lowest SHIB has dropped is $0.00005821, while the highest rebound since then reached $0.00004501. Currently, the sentiment around SHIB remains bullish, and the Fear & Greed Index indicates Greed with a score of 69.
The circulating supply of SHIB stands at 589.27 trillion out of a maximum supply of 589.74 trillion. With a yearly supply inflation rate of -0.01%, roughly 79.56 billion SHIB were removed from circulation in the last year.
Why Shiba Inu (SHIB) Price is UP?
Shiba Inu (SHIB) is experiencing a notable price rise, fueled largely by increased activity among large-scale investors or whales. Just two days ago, transaction volumes surged by 150.47%, with approximately 6.47 trillion SHIB tokensworth about $123.18 millionchanging hands. This uptick in whale activity often signals confidence among key investors, potentially pointing to expectations of future gains.
When large holders make significant moves, it often sparks curiosity and optimism in the broader market, enticing smaller investors and increasing buying pressure. This sustained demand among both large and smaller investors has contributed to SHIBs recent surge.
Looking forward, technical indicators reveal a clear map of crucial levels that could define SHIBs trajectory. Currently, the pivotal point for SHIB price sits at $0.00002859. If SHIB can maintain momentum above this level, the immediate resistance at $0.00003105 could come into play.
Successfully breaking through would set SHIB up to test the next resistance at $0.00003315, with a more formidable barrier at $0.00003536, potentially marking a sustained bullish trend.
On the downside, SHIBs immediate support lies at $0.00002636. Should SHIB dip below this, the next support levels at $0.00002462 and $0.00002374 may be tested. The market's reaction at these support and resistance points will determine whether SHIB can sustain its upward trend or see a pullback.
If whale activity continues, and SHIB holds above the pivot point, a sustained rally toward higher resistance levels seems likely, potentially attracting even greater trading volume and investor interest.
Shiba Inu Price Prediction: Will SHIB Reach $1 After Bitcoin Frenzy?
While Shiba Inu (SHIB) has shown impressive gains in the past year, with a 232% price increase that outperformed 77% of the top 100 cryptocurrenciessurpassing even Bitcoin and Ethereumits path to reaching $1 remains highly unlikely based on current calculations and technical factors.
To reach $1, SHIB price would need to multiply its current price thousands of times over, resulting in a market cap in the trillions, far exceeding the entire current cryptocurrency market cap.
To reach $1 from the current price of $0.00002913, Shiba Inu (SHIB) would need to increase by approximately 3,432,787%, a growth rate that is extremely unlikely given its current market conditions and capital requirements. Given SHIBs current market position, such a valuation would place SHIB's market cap well above established assets like Bitcoin, which is unlikely without significant, unprecedented shifts in both demand and market structure.
Technically, SHIB's performance indicators show strength, as it is currently trading above the 200-day simple moving averagea positive sign for continued growth. However, with 15 green days out of the past 30, the coin may be approaching an overbought territory, often a precursor to a price correction.
Additionally, with SHIBs price still down 67% from its all-time high, breaking past these previous resistance levels alone would require substantial, sustained buying pressure, not yet evident in the market.
Another factor to consider is SHIBs high liquidity relative to its market cap, meaning that a significant influx of capital would be required to sustain upward momentum. While SHIBs negative yearly inflation rate (-0.01%) suggests some deflationary characteristics, it is not substantial enough to drive a parabolic price increase to $1.
Although SHIB's recent performance and technical indicators suggest a strong position, reaching $1 is mathematically improbable without an extraordinary and unlikely combination of factors, including massive capital inflows and continued deflationary adjustments. Based on these calculations, SHIB is unlikely to hit $1 in the foreseeable future.
Read more: https://cryptoticker.io/en/shiba-inu-price-prediction-will-shib-reach-1-after-bitcoin-frenzy/
Text source: CryptoTicker
