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Dogecoin‘s successor as the second-largest memecoin in the market, Shiba Inu (SHIB), has recently been the subject of an analyst’s view on how it could potentially reach $1. Even though the current value is far from this, the analysis indicates a potentially incredible surge in the future.
Shiba Inu Price and Commentary
Currently, SHIB is trading at $0.00001020, having increased by 1.67% in the last 24 hours. Its daily trading volume is at $218.17 million. Despite being 88.46% below its all-time high (ATH) level, SHIB showed signs of recovery last year.
CryptoTicker highlighted a scenario surrounding SHIB sentiment. The Fear and Greed Index showed a level of “Greed” at 73, and optimism is trending due to 21 positive days out of the last 30.
It was noted that SHIB performed better than 64% of the top 100 crypto assets by market cap last year, demonstrating its high liquidity level.
CryptoTicker emphasized that SHIB is far from being finished. According to the analysis, the recent price performance and technical indicators of SHIB point to a cryptocurrency with potential, not one nearing its end.
Recently, Tron‘s (TRX) founder Justin Sun withdrew SHIB tokens from Binance, creating significant fear. However, SHIB did not react negatively and maintained its strong stance.
Can Shiba Inu (SHIB) Reach $1?
CryptoTicker took its prediction further, suggesting that SHIB could reach an incredible level of $1. Moreover, CryptoTicker emphasized that reaching this price would represent a staggering 95.7 million percent increase from its current price.
Additionally, there are factors that could help increase SHIB’s price, with token burning at the forefront. Creating a scarcity of supply could play a significant role in the rise of the memecoin’s price.
Previous studies suggest that if the targeted annual 3 trillion SHIB burn by Shibarium is achieved, it would take 98 years to reach $1 under current market conditions.
While $1 SHIB currently seems like an almost impossible target, the crypto market has historically produced unexpected prices at unexpected times. Shiba Inu’s lead developer Kusama also recently hinted at major announcements that could affect SHIB’s price increase.
