Shiba Inu (SHIB) has surprised investors with its meteoric rise up the charts. It is now the 13th most valuable cryptocurrency in terms of market capitalization. This year, it’s increased by more than 44,000,000%. To reach the $1 threshold today, it would have to climb by only roughly 2,000,000 percent.
Shiba Inu is currently available for a fraction of a cent. And if the cryptocurrency continues to gain traction, a little investment might yield significant profits. So, the major question today is whether you should buy this volatile cryptocurrency now, when it’s still under $1.
Could Shiba Inu skyrocket to $1?
Is it possible that it will reach $1?
First, let’s consider a more pressing question: Is it possible for Shiba Inu to reach $1? On the one hand, it appears to be a distinct possibility. As I previously stated, this crypto player has already demonstrated its capacity to attract investors and skyrocket. But there are two reasons why we believe Shiba Inu will struggle to reach a dollar.
The first has to deal with basic math. There are around 549 trillion Shiba Inu coins in circulation now. Shiba Inu’s market value would be $549 trillion if the currency reached $1. Amazon, the internet retail behemoth, with a market capitalization of only $1.74 trillion. With the current quantity of coins in circulation, it appears doubtful that this will happen. However, there have been recent allegations of a coin burn in the works, which would restrict supply. As a result, you’ll be able to reap even more benefits. If this happens on a regular basis, my math argument may not hold up in the future.
The cryptocurrency has yet to demonstrate that it can stand out from the crowd and provide real-world utility. Shiba Inu was created in August of last year by Ryoshi, the cryptocurrency’s inventor. It’s a cryptocurrency built on the Ethereum network. Shiba Inu can be purchased or sold as an investment. You can also use your tokens to earn passive revenue by staking them. Shiba Inu is accepted as payment by roughly 500 shops. These qualities, however, do not distinguish Shiba Inu from the thousands of other cryptocurrencies available.
1 million investors
The cryptocurrency may rise from its current position. The “ShibArmy,” as it is known, is a dedicated group of fans. They’ve not only put money into Shiba Inu, but they’ve also kept this crypto player in the spotlight on social media. According to Etherscan, Shiba Inu now has over 1 million investors.
Is this a signal to buy this cryptocurrency before it continues this year’s gains? It’s not something I’d suggest. This is why: There are a slew of other cryptocurrencies that have a lot greater real-world utility than Bitcoin. And the number of these types of players is expected to rise in the long run. Right now, Shiba Inu may have more gas in the tank. Those that purchase it could make a quick profit. However, as competitors continue to outperform Shiba Inu in terms of originality and utility, I am concerned that this popular player may soon run out of gas.
If SHIB can cross this level, the Shiba Inu price could rise by 40%
For more than a week, the Shiba Inu price has been drifting sideways, indicating that buying and selling pressures are evenly balanced. Although SHIB experienced a surge in buying pressure, it was only temporary and stayed within the consolidative range. However, for a significant move higher, investors will need to witness a breakout from this area.
Shiba Inu prices are expected to rise to new highs
After the December 4 flash crash, the coin price hit a swing high of $0.0000395. The meme currency made a swing low at $0.0000328 shortly after. A succession of almost equal highs and lows formed in this trading range as a result of this evolution.
SHIB was unable to break through the 79 percent retracement level at $0.0000340, and it corrected quite close to the range low. On December 12, however, the buyers came in, causing a small 12 percent uptick that fell short of retesting the range high of $0.0000387.
As this price returns to the 79 percent retracement level of $0.0000340, investors should expect another rally in SHIB. This rally will imply a strong view if the 4-hour candlestick closes above $0.0000387.
Shiba Inu price will attempt to flip the $0.0000411 and $0.0000442 resistance levels first in this situation. The coins price will make a push for the November 30 swing high of $0.0000543, representing a 40% gain from the range high of $0.0000387 in a highly bullish scenario.
If the Shiba Inu price fails to maintain its positive momentum around $0.0000340, however, it indicates that the purchasers are taking their time. The bullish argument will be invalidated if SHIB makes a lower low below $0.0000328. In this case, the Shiba Inu price might drop to $0.0000295, the swing low from December 4.
Disclaimer: These pages include forward-looking statements that are subject to risks and uncertainties. This page’s market and instrument profiles are for educational purposes only and should not be construed as a suggestion to purchase or sell these assets. Before making any financial decisions, you should conduct your own thorough investigation.