The listing of a SHIB/JPY pair on Binance Japan has caused the price of Shiba Inu to spike to $0.001, resulting in speculation about its potential price on global exchanges.
For the past three weeks, the price of Shiba Inu has been fluctuating between a high of $0.00002814 and a low of $0.00001830. Its price movement has been influenced by Bitcoin’s performance, which has been lackluster in the past month.
However, a significant development in Japan at the end of April gave SHIB’s price a unique boost. Binance Japan, the Japanese branch of the world’s largest exchange Binance, announced plans to list a Shiba Inu trading pair with the Japanese Yen.
The trading for this pair began on April 30, attracting a large number of participants and causing trading volume to surge. Interestingly, during this period of increased trading activity, the price of Shiba Inu on Binance Japan spiked to 0.01666 JPY before experiencing a significant drop to 0.0003741 JPY.
At the time of the report, the high of 0.01666 JPY equates to $0.00011, representing a 393% increase from Shiba Inu’s actual market value of $0.00002231 at that time. This price spike can be attributed to increased visibility of SHIB in Japan, speculation, and an influx of investors. The listing attracted speculative trading, driving prices even higher.
Although this surge in price is artificial, some members of the Shiba Inu community are hopeful that a value of $0.00011 could eventually be achieved in the global market. Currently, the price of Shiba Inu is trading at $0.00002298, requiring a 378% increase from the current price to reach $0.00011.
Is a price of $0.00011 possible for SHIB? Earlier this year, SHIB experienced a price increase close to this rate, rising from $0.00000965 on Feb. 25 to a peak of $0.00004567 on March 5. This rally represented an impressive 373% increase within eight days, suggesting that Shiba Inu has the potential to achieve the 378% rise needed to reach $0.00011.
Furthermore, at a price of $0.00011, the market cap of SHIB would be $64.8 billion, adding $51 billion to its current valuation of $13.49 billion. This market cap would be the highest ever for Shiba Inu, surpassing the previous peak of $40 billion recorded in 2021 by about $24 billion.
These metrics indicate that Shiba Inu has the potential to reach the price of $0.00011. Interestingly, several industry commentators have predicted that SHIB could reach $0.0001 in the near future. Chartist Crypto Sheriff noted in early April that Shiba Inu’s recent breakout could propel it towards $0.00011. Analyst Javon Marks projected two months ago that SHIB could skyrocket to the $0.000015 price range. Market watcher Bunchhieng also argued last month that Shiba Inu is poised for a price rally, with the $0.0001 price range as a possible target. However, while a price of $0.00011 is highly possible, it remains uncertain whether SHIB can actually achieve it.
Disclaimer: This article provides information 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 thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.