Just a few years ago, Shiba Inu (SHIB), a cryptocurrency that began as a meme, was becoming mainstream, minting new millionaires, and gaining a substantial following. Yet, the token has now seen a considerable drop in price, leading to questions about its future prospects. In particular, many investors wonder: can Shiba Inu reach $1?
Predicting the future value of a volatile asset like SHIB involves multiple factors, including macroeconomic conditions, adoption rate, and general market forces. Although the phrase “nothing is impossible” often echoes in the crypto market, SHIB reaching $1, despite its potential, is an ambitious target, especially considering its closest competitor, Dogecoin, has reached this feat only sporadically.
As of now, Shiba Inu’s price stands at $0.0000086, indicating a required surge of 116,279 times to reach $1. This achievement could be challenging given the token’s current market capitalization and circulating supply. However, the crypto market is known for its unpredictability, and considering SHIB’s previous rise of over 8,000,000%, a future surge cannot be ruled out.
According to data from Santiment, SHIB’s supply outside of exchanges has surpassed 911 trillion, a significant increase compared to 2021. This development suggests that many investors are holding SHIB for the long term, which could potentially fuel a bullish trend. Additionally, SHIB’s total number of holders has grown to 1.3 million.
The daily chart shows no signs of a downward crossover of the 50 EMA against the 200 EMA, implying that SHIB’s upside potential is still intact. The Chaikin Money Flow (CMF) indicates a value of 0.05, signaling an accumulation of SHIB. Should this accumulation continue, SHIB’s chances of nearing $1 could increase.
Although the journey towards $1 remains formidable, Shiba Inu is using a token burn mechanism to stabilize its value. This method involves sending tokens to dead wallets, rendering them unrecoverable and effectively reducing the total supply. This strategy could increase demand for SHIB in the long term.
Shibburn reports that more than 410 trillion tokens have been burned since the initial supply. The project is also focused on increasing utility with the development of the Shibarium L2 network. Despite being 89.74% down from its All-Time High (ATH) at the time of writing, Bone ShibaSwap suggests that SHIB could potentially hit the $1 milestone with maximum support for burn activity, Shibarium, and tokens within the Shiba Inu ecosystem.
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