Shiba Inu (SHIB) could potentially reach the coveted price point of $0.001 within the next six months if its value doubles every month from its current level. Despite being a popular cryptocurrency, Shiba Inu is currently trading well below its all-time high price of $0.00008845. However, it has already demonstrated its ability to achieve significant gains in the current market cycle, with a 370% increase in late February.
Shiba Inu is currently in a bullish position, with its technical indicators and market position suggesting that it is preparing for a substantial price increase. The SHIB daily Relative Strength Index (RSI) is currently at 51, indicating that there is room for further growth. Additionally, Shiba Inu is currently trading within a bullish pennant pattern, indicating a high likelihood of an upward breakout.
Due to these positive indicators, several analysts have set ambitious price targets for Shiba Inu when it experiences a price increase. For example, market analyst Javon Marks has set a price target of $0.0000886 for SHIB during its second rally phase. Meanwhile, Davinci Jeremie, an early Bitcoin adopter, expects Shiba Inu to reach $0.00006. Davie Satoshi has also predicted that SHIB could rally up to two times during a price uptrend.
Interestingly, some experts have even projected higher targets, such as reaching $0.001. Armando Pantoja, for instance, expects SHIB to surpass this milestone between now and 2025.
To understand how long it would take for SHIB to reach $0.001 if its price doubles each month, The Crypto Basic has presented a progressive journey based on the predictions of Davie Satoshi. Starting from its current price of $0.00002532, if SHIB doubles in value every month, it could reach $0.001 within a year.
According to this rate of growth, SHIB’s value would double to $0.00005064 by July 2024. By August, it would double again to $0.00010128. This trend would continue, with the price rising to $0.00020256 in September, $0.00040512 in October, and doubling again to $0.00081024 in November. By December 2024, SHIB would surpass the $0.001 mark, taking approximately six months from now. However, it is important to note that this exponential growth relies on the assumption that SHIB can maintain such a rapid rate of increase, which is a highly speculative and optimistic scenario.
Reaching $0.001 would be a significant milestone for Shiba Inu, signifying substantial growth and attracting more investors. At this price, Shiba Inu’s market capitalization would surge to $589 billion, indicating that SHIB would need to significantly reduce its circulating supply to have a chance at achieving this target.
Potential investors should approach this scenario with caution, as cryptocurrencies are highly volatile, and past performance does not guarantee future results.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views 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.