Shiba inu has been triggering positive indicators recently and the meme tokens’ fans have been asking the question “when will Shiba Inu reach $1?”
Shiba Inu is currently a relatively new cryptocurrency, therefore little is known about it or its authenticity. Shiba token, or SHIB, is listed and incentivized on ShibaSwap, the cryptocurrency’s own decentralized exchange platform.
According to CoinMarketCap, the value of SHIB rose to $0.00000977 earlier last month, a substantial increase from the lows of $0.00000006 in mid-April.
When will Shiba Inu be worth a dollar?
SHIB, dubbed the “Doge Killer” in reference to the defunct currency Dogecoin, has experienced rapid growth in the market. Fans and investors are now speculating on whether SHIB will follow Doge to the moon and reach the $1 mark.
Analysts believe SHIB will eventually hit $1, but this will take time as it is unlikely to happen suddenly. Forecasters expect that the self-proclaimed doge killer will hit $0.000085 by the end of June 2021.
If the current increasing trend continues, the price of SHIB could reach $0.0003 by January 2022. According to the same projections, the coin’s chances of reaching $1 by 2025 are extremely slim.
Some experts take on this
However, according to some reports, SHIB is on the verge of a breakout, with some analysts predicting a price double in the near future.
“Despite over two weeks of consolidation, SHIB has overcome indecision, working in the bulls’ favour after rising over 55 percent in market value from its bottom,” reports FX Street.
“If accelerating interest is confirmed, an adjacent parallel channel might be drawn to identify a likely price target for SHIB.
“Shiba Inu must break above the present parallel channel’s upper trend line, which coincides with the 50 four-hour moving average’s significant resistance level.
“The market value of the meme coin might double if it manages to breach above $0.00001100. Indeed, it might hit $0.00001816, which corresponds to the Fibonacci extension level of 27.2%.”
However, because an asset like SHIB has little to no price history, it’s critical to examine the risks of investing before putting your money in.
Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown, advised against investing in SHIB.
“The Shiba Inu coin looks to have been designed solely to compete with Dogecoin,” she claimed.“It includes the same dog that became a meme and hopes to duplicate Dogecoin’s success in converting a joke into a cash cow.”
“Investors should regard cryptocurrency trading with great caution, and dabble at the fringes of their investing portfolio only with money they can afford to lose,” Ms Streeter warned.
“Extreme caution should be exercised before investing in untested cryptocurrencies,” deVere Group CEO Nigel Green added.
The price swings are likely to be tremendous, and there is a real risk of investors being burned.
“There are significant contrasts between bitcoin, which is based on cutting-edge technology and has a finite supply, giving it scarcity value similar to gold, among other valued features, and unknown digital tokens that appear to have no inherent worth.”