Shiba Inu (SHIB) Price Analysis: Positive Trends, Market Performance, and Unrealistic $1 Target
In recent days, Shiba Inu (SHIB) has maintained its position in the crypto market, currently priced at $0.00001042 with a trading volume of $237.87 million in the last 24 hours. The token’s market cap stands at $6.14 billion, representing a 0.38% market dominance and a 5.87% increase in the past day.
Shiba Inu’s highest recorded price was on October 28, 2021, at $0.00008819, while the lowest was on November 28, 2020, at $0.000105637. Despite reaching an all-time high, the price dropped to $0.00005603, and the highest since then is $0.00001179. The current sentiment for SHIB is bullish, with a Fear & Greed Index reading of 73 (Greed).
In terms of market cap rankings, Shiba Inu holds the #5 position in the Ethereum (ERC20) Tokens sector and #2 in the Meme Coins sector. The circulating supply is 589.32 trillion SHIB out of a maximum supply of 589.74 trillion SHIB, with a yearly supply inflation rate of 7.33%.
Is Shiba Inu Dead?
Contrary to rumours, Shiba Inu is far from dead. Over the past year, SHIB has demonstrated a noteworthy 19% increase in price, and it currently trades above its 200-day simple moving average, indicating sustained upward momentum. With 21 green days in the last 30 days, comprising 70% of the observed period, SHIB exhibits consistent bullish sentiment.
Despite being down 88% from its all-time high, Shiba Inu has outperformed 64% of the top 100 crypto assets, showcasing relative strength. However, it has lagged behind major cryptocurrencies like Bitcoin and Ethereum.
Unrealistic $1 Target
While Shiba Inu’s performance has been impressive, setting a target price of $1 seems highly ambitious. The current price is $0.00001041, and achieving a $1 target would necessitate an astronomical percentage growth of approximately 95,700,966.36%. Such a surge is unlikely in the short term, and these calculations are for illustrative purposes, assuming all other factors remain constant.
Additionally, analyzing the token burning equation, approximately 6.14 billion token burns would be required for SHIB to reach $1, based on the current fully diluted market cap of $6.14 billion.
In conclusion, while Shiba Inu has shown positive trends and resilience, reaching a $1 price mark would require unprecedented and challenging growth. Investors should approach such ambitious targets with caution, considering the dynamic nature of cryptocurrency markets and the multitude of factors influencing price movements. As always, realistic expectations and thorough analysis are crucial in navigating the crypto landscape.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
