In the midst of the ever-changing Shiba Inu market, several entities have made predictions about SHIB reaching the $0.001 price range, each providing their own unique argument.
Shiba Inu has been negatively affected by the current market retracement, dropping 50% from its yearly high of $0.000045 on March 5. However, despite this bearish period, SHIB is still maintaining a high value not seen in two years, experiencing a 116% increase this year.
Many analysts believe that Shiba Inu has the potential to experience significant price surges once it recovers from its current downtrend. With this sentiment prevailing within the community, some entities and market observers have predicted a rally to an ambitious $0.001 price target.
The discussions surrounding a potential Shiba Inu surge to $0.001 gained momentum last year, especially with increased burns and growing utility within the ecosystem. Taking these discussions into account, The Crypto Basic presented three factors that could contribute to Shiba Inu reaching the target: utility, Shibarium adoption, and sustained burns.
In June 2023, AI chatbots Google Bard (now Gemini) and Microsoft Bing joined the discussion and offered their opinions based on their algorithms. Both chatbots acknowledged the possibility of Shiba Inu reaching the $0.001 price, but they also emphasized that it is unlikely to happen during the current market cycle.
Two months later, tech platform CrowdWisdom released a report on the prospect of a $0.001 price for Shiba Inu when SHIB was trading at $0.00000848. According to their analysis, the extensive supply of Shiba Inu is the only obstacle preventing it from reaching the $0.001 price, suggesting that a significant burn event is needed to trigger a surge to the targeted price.
Considering this assessment, The Crypto Basic evaluated how long it would take for Shiba Inu to reach $0.001 if Shibarium burns 9 trillion SHIB each month. The evaluation showed that after four years, SHIB’s supply could be low enough for it to have a chance at hitting the price target.
Additionally, crypto analyst Armando Pantoja projected that Shiba Inu could surpass the $0.001 price after the upcoming Bitcoin halving, as highlighted by The Crypto Basic earlier this month. Armando reiterated this prediction, stating that he expects SHIB to reach the $0.001 price within 12 to 18 months.
Currently, Shiba Inu is trading at $0.00002215 and faces significant resistance before reaching the $0.001 level. To reach the desired price, Shiba Inu would need to rally by 4,414%. If it does reach this price with the current circulating supply, SHIB’s market cap would reach $589 billion.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.