- An official of SHIB.io is confident that a $0.01 target for Shiba Inu (SHIB) is feasible.
- The Motley Fool doubts the digital asset’s prospect of going up to a cent but says a $0.00005 surge may be imminent.
A Dog’s Journey
Shiba Inu has come a long way from a mere joke to one of the top cryptocurrencies by market cap. The rise of the dog-themed token from January’s lows around $0.000008 to nearly $0.000045 at this month’s peak was propelled by the soaring price of Bitcoin (BTC). That’s around 462% gain for those who invested and sold at those exact numbers.
The lead to Bitcoin’s rally to $69,000 last week also pumped Shiba Inu to $0.00004534 with its 24-hour increase going over 60% at that point. However, the ensuing profit-taking eventually erased those gains as prices rolled all the way down to $0.000026 before recovering the $0.00003 range.
As of this writing at 6:00 AM UTC, SHIB is down by 8% in the 24-hour chart with its price hovering at $0.000032. It’s worth noting though that it’s still up by 29% over the week, 239% within the month, and 209% in the one-year frame.
Despite the correction, Shiba Inu’s market cap remains at $18.83 billion. This positions it among the top 10 largest cryptocurrencies by market cap on the index of CoinMarketCap.
Shiba Inu Official Declares a $0.01 Target
For Shiba Inu’s pseudonymous marketing specialist, Lucie, the digital currency could be positioned for a $0.01 top. But then again, the SHIB.io official believes the road there is not within an express lane as most supporters expect.
Interestingly, those figures are still a long way from where the values are currently at. So far, the crypto has 64% more to go toward its all-time high of $0.00008845 on October 28, 2021.
Shiba Inu Gets in the Radar of Institutions
Thanks to its climb to the top 10 crypto rankings in terms of market cap, SHIB has gotten itself in the sights of major players in the financial world. Recently, it was mentioned as one of the top 10 cryptos to invest in by Forbes. It may have been the last in the prestigious publication’s list, but its exposure there serves as an indication of the growing number of people taking notice of the digital asset.
Meanwhile, The Motley Fool has also dedicated some articles in Shiba Inu as of late. Although its sub-penny status and lack of utility outside of investing were frequently highlighted by its analysts, it has the potential to surge to $0.00005 in the short run.
One of the primary catalysts identified by the firm that could prod a rally within SHIB is the upcoming Bitcoin halving coupled with its strong support from the crypto community. There’s doubt, however, if it will ever reach the coveted one cent valuation. That’s because if it’s merely riding on the coattails of BTC, then the premier crypto would have to rise to unprecedented heights to bring the meme coin along with the ride to a penny.
Final Thoughts (Not a Financial Advice)
Shiba Inu may be finally getting some of the recognition it deserves and the forecasts here reflect a bright future ahead for the coin. However, just like other cryptocurrencies, it remains a volatile asset and its lack of other uses besides investing should always be kept in mind. With that, always exercise due diligence or seek expert advice before considering the insights shared here.