Shiba Inu, a cryptocurrency, is experiencing a relief rally and various entities have updated their timelines for its potential surge to $0.000646 and $0.62.
The recent rally in the broader crypto market has presented an opportunity for Shiba Inu to recover from its previous losses.
Currently, SHIB is trading at $0.00002505, which is a 2.6% increase in the past 24 hours. This represents an 11.3% surge in the weekly charts and a 1.2% increase over the past 14 days. In the last month, Shiba Inu’s price has risen by 12.2%.
Following Shiba Inu’s rally, top prediction platforms have adjusted their timelines for the cryptocurrency’s potential surge to ambitious price targets like $0.000646 and $0.62.
Reaching the price level of $0.000646 may seem challenging for Shiba Inu as it would require a 2,478% rally from its current price. However, the prominent crypto prediction platform Telegaon suggests that Shiba Inu could achieve this target by 2030.
On the other hand, analysts from the popular crypto trading platform Changelly do not expect Shiba Inu to reach the $0.000646 target until 2032, which is eight years from now. By 2032, Changelly projects that Shiba Inu will trade at a minimum price of $0.0006769, an average price of $0.00069693, and a maximum price of $0.00081291.
The potential surge to $0.62 poses a more difficult task for Shiba Inu, as it would require a 2,474,949% increase from its current price of $0.00002505. However, Telegaon believes that Shiba Inu can achieve this feat by 2050, which is 26 years from now. Telegaon sets the $0.62 target as the minimum price level that Shiba Inu could reach by 2050, with an average price of $0.89 and a maximum price of $1.06 in the same year.
In contrast, Changelly analysts do not believe that Shiba Inu will reach the $0.62 target by 2050. They expect SHIB to trade at a maximum price of $0.033 by that time. Beyond 2050, Changelly analysts have not issued any further predictions for Shiba Inu.
Many investors may consider the potential surge to $0.62 to be unrealistic for Shiba Inu, given its large circulating supply. However, the Shiba Inu community has been actively reducing SHIB’s supply through a burn campaign, which has led to the destruction of over 410.7 trillion SHIB so far.
The Shiba Inu ecosystem team is currently burning SHIB using a portion of Shibarium gas fees, and there is a possibility of more initiatives in the future to intensify SHIB burns.
In addition, Shiba Inu is striving to become a utility cryptocurrency project to enhance adoption. It has already introduced its own non-fungible token, metaverse, decentralized exchange, L2 blockchain, and has other upcoming initiatives.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.