Will Shiba INU Reach 1 Cent 2023? SHIB Price Prediction
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Shiba Inu’s value has dropped to levels not seen since July 2022. However, it’s still about 29% higher than its lowest point in June. Similarly, Ethereum’s price, which had nearly doubled before the Merge, also fell by 25% shortly after the Merge. So, the decline in Shiba Inu’s value after the Shibarium launch isn’t unexpected or overly concerning.
Looking at the data for Shiba Inu’s 1000SHIB derivatives, there’s a positive outlook indicated by a 44.43% increase in trade volume, reaching $307.53 million. The majority of positions are long, as shown by Binance’s long/short account ratio of 3.2882. However, it’s worth noting that recent data on liquidation highlights a degree of risk. Over the past 24 hours, long positions have experienced significant losses of $203.75K, compared to shorts at $38.98K. This demonstrates the market’s inherent instability despite the ongoing optimistic trend.
What is Shiba Inu – Brief Overview
Shiba Inu was introduced quietly in August 2020 as an alternative to Dogecoin, often called the “Dogecoin killer.” Unlike Dogecoin’s standalone blockchain, SHIB operates on Ethereum’s blockchain, offering more potential uses in decentralized finance applications. The creator, known as Ryoshi, and the lead developer, Shytoshi Kusama, are key figures in the Shiba Inu project.
For about six months after its launch, SHIB remained relatively unknown. Its trading volume was quite low, often under $1,000 a day. Interestingly, it was Dogecoin’s remarkable price surge in early 2021 that propelled Shiba Inu into the spotlight. As crypto speculators sought the “next Dogecoin,” Shiba Inu emerged as a prime candidate.
Will Shiba Inu Reach 1 Cent – Analysis
The Shiba Inu community is well-organized and focused on delivering value, moving beyond being just a meme coin. In 2021, Shiba Inu surged 60 times in 6 months. Can it reach 1 cent? With 90% of its tokens burned, Shiba Inu would need to increase nearly 90 times in value to reach 1 Cent. At that point, its market capitalization would be $548 billion. If Shiba’s price were to rise by 25% annually, it would take about 11 years to reach 1 Cent. While this still seems challenging, the chances of achieving this goal improve noticeably.
The most likely path for Shiba to reach 1 cent is if around 95% of its tokens are burned within the next approximately 5 years. This would require a burn rate of about 15-20% each year. It’s a demanding objective to achieve.
Considering the available data:
- Investment quality: Moderate
- Growth needed for 1 cent: Not feasible
- Market cap at 1 cent: Not feasible
- Time at 25% growth: Not feasible
Thus, considering investment quality, required growth, and market cap, Shiba Inu can’t reach 1 cent. Now, let’s explore a scenario where 90% of tokens are burned.
SHIB Inu Potential for Upside 2023
While it’s unlikely that SHIB will reach 1 cent, there’s still potential for an upside. With SHIB’s price down 89% from its peak, current buyers are capitalizing on a dip. Shiba Inu has a solid foundation with many token holders and listings on major exchanges. In a crypto bull run, increased demand can easily drive SHIB’s value up. The team is actively enhancing SHIB’s appeal. Shibarium, a layer 2 scaling platform, will offer fast and cost-effective transactions for gaming and metaverse applications. It includes a token-burning mechanism.
Other projects like ShibaSwap, Shiboshis NFTs, and SHIB: The Metaverse are in the works, potentially boosting SHIB’s price if successful. Still, SHIB is often seen as a speculative meme coin, so broader favourable crypto market conditions are needed for substantial gains. There’s no assurance SHIB will regain its all-time high, especially since its price history is short (since 2020), making its behaviour across market cycles less predictable.
Shiba Inu Price Prediction & Will Shiba INU Reach 1 Cent 2023
Based on an algorithm-generated forecast, Shiba Inu’s price might dip around -9.8% to $0.000008023 by June 22. After this, it’s predicted to rise to $0.00001080 in 3 months and potentially reach $0.00006102 by November, signifying a +585% increase from the current price.
Annually, Shiba Inu’s projected price is approximately $0.00003547, showing about a +300% rise from the current rate. Keep in mind, this prediction relies on technical indicators from May 2023 and could change significantly in the future.
Read our latest on Shiba Inu’s
- Shiba Inu’s Shibarium Set for Relaunch
- Is Shiba inu (SHIB) Dead?
- Will Shiba Inu Coin Reach $1? 2025, 2030?
Facts Related to the Rise in Price of Shiba Inu
It’s not probable for Shiba Inu to reach 1 cent soon given its current circulating supply. Shiba Inu’s overall market capitalization has been fluctuating between $6.8 billion and $7 billion recently. To achieve 1 cent, its market capitalization would need to be $5.8 trillion.
For perspective, Bitcoin’s market cap, which is above $20,000, is approximately $450 billion. Therefore, for SHIB to reach 1 cent, it would require a market cap larger than the combined value of Bitcoin, Ethereum, and all other cryptocurrencies.
Risks Likely to Occur
There’s an increased risk of regulations affecting the cryptocurrency industry, highlighted by the recent crashes of FTX and Luna. The introduction of Central Bank Digital Currencies (CBDCs) by central banks adds uncertainty to how cryptocurrencies will be impacted. Regarding development, the SHIB team is working on planned initiatives, but none have been fully executed yet.
The overall atmosphere is somewhat unfavourable for cryptocurrencies, especially non-utility coins like Shiba Inu. If the token’s price continues to drop, it could lead to reduced interest and potentially spell the end for Shiba Inu Token.
Shiba Inu Trading Volume Update
In recent months, Shiba Inu’s trading volumes have fluctuated: Mar – $260M, Apr – $206M, May – $106M, June – $129M, July – $126M, August – $364M. The game “Shiba Eternity” and upcoming projects like “Shibarium” and “Shibverse” have gained positive reviews on app stores. Notable partnerships with companies like Coingate, Bugatti, and VISA have expanded Shiba Inu’s ecosystem, potentially enhancing SHIB token use cases. Token burns and whale activity impact the token’s price, while recent burn and whale actions have influenced its value. Progress in these areas, along with favorable market conditions, could contribute to Shiba Inu moving closer to its 1-cent price target.
Conclusion
Predicting Shiba Inu’s price reach 1 cent is highly unrealistic due to the extreme market cap it would require ($5.89 trillion). Reaching $1 is even more improbable. But, this doesn’t rule out potential growth. If the crypto market enters a bull run, SHIB could surge, given its strong positioning with products like Shibarium and multiple exchange listings. The team’s efforts enhance its potential.
FAQs
Can Shiba Inu coin reach $1?
No, our prediction model doesn’t see the Shiba Inu coin reaching $1. It’s unlikely to even reach 1 cent based on the current situation.
Is Shiba Inu coin a good investment?
Yes, Shiba Inu has improved and become a thriving DeFi ecosystem, making it a good investment with potential growth due to its roadmap, partnerships, and community.
What is Shiba Inu price in 2023?
In 2023, Shiba Inu’s price might range between $0.0000087 and $0.0000098, as per our prediction.
What is Shiba coin value in 2025?
By 2025, Shiba Inu coin could trade between $0.000016 and $0.000020, according to our 2025 prediction.
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