20 August 2024
The possibility of Shiba Inu rising to $1 is one crypto community members look to support. This follows a recent poll by the crypto exchange CoinW, which showed that others besides the SHIB community believe such a price target may be attainable.
Shiba Inu Rising To $1 Gains Community Support
In an X (formerly Twitter) post, CoinW made a poll asking community members which prediction for the top-ranked crypto tokens is likely to happen first. This included the prediction of Shiba Inu rising to $1, which showed that the meme coin eventually rising to this price level has been considered and supported by notable figures in the crypto community.
Shiba Inu rallying to $1 will undoubtedly be massive, representing over a 7 million percent price gain for the meme coin. However, such a price gain isn’t new to Shiba Inu, considering that it recorded an unprecedented price gain of 150 million percent in the 2021 bull run. However, it remains uncertain whether or not reaching this price level can happen in this market cycle.
Based on the most bullish predictions given for SHIB, the rally to $1 will unlikely happen in this bull run. Crypto analyst Ali Martinez, who has offered the most bullish price prediction for Shiba Inu, stated that the meme coin could rise to as high as $0.011 in this market cycle. Crypto analyst Armando Pantoja has predicted that Shiba Inu will rise to $0.001 in this bull run.
While there is a consensus that Shiba Inu can eventually reach $1, some crypto analysts, like Oscar Ramos, have reservations about this happening. This came following his statement that Shiba Inu can’t even reach $0.01 in this cycle due to its current supply of over 580 trillion.
Shiba Inu’s burn tracker previously noted that the meme coin will need to have a circulating supply of just over 85 billion to reach $0.01, meaning that Shiba Inu’s supply will still need to be much less if it is to reach $1 eventually.
Shiba Inu’s Next Move
While the crypto community contemplates when Shiba Inu’s rise to $1 will happen, crypto analyst Javon Marks has provided insights into the meme coin’s next move. Marks has predicted that the meme coin could enjoy a price rally to $0.000081, with Shiba Inu already holding a larger breakout.
A rise to this price level represents an almost 500% price gain for the meme coin from its current price. However, Marks is confident that SHIB can make such a run, noting how certain bullish signals on the chart point to a bullish breakout for the meme coin.
SHIB has been trading at around $0.00001378, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Cover image from Dall-E, chart from Tradingview