Will Shiba Inu Hit 1 Cent?

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Contributor, Benzinga
April 10, 2024

SHORT ANSWER: Shiba Inu (SHIB) may hit 1 cent if all the positive influences happen to this project in the near future.

shiba etoto

In the world of cryptocurrency, only a few assets have captured the attention of investors and enthusiasts like Shiba Inu (SHIB). With its rise to fame fueled by social media hype and community-driven momentum, SHIB has become one of the most talked-about tokens. As its value fluctuates and speculation runs rampant, one question looms large in the minds of many: Will SHIB hit 1 cent? 

Let’s explore the factors influencing SHIB's price trajectory, the potential for reaching the elusive 1-cent mark and what investors need to consider in this volatile landscape.

Shiba Inu Market Analysis

Shiba Inu (SHIB) has been a prominent figure in the cryptocurrency market, garnering significant attention and speculation. On April 10, 2024, its market capitalization stands at $16,877,045,378, with a fully diluted valuation of $28,640,354,369. The 24-hour trading volume sits at $718,913,869, reflecting its active trading activity. With a circulating supply of 589,264,625,984,737 SHIB tokens and a total supply of 999,982,362,284,135 tokens, Shiba Inu (SHIB) has a vast presence in the market.

The coin's price history tells a story of volatility and fluctuation. SHIB reached its all-time high (ATH) of $0.00008616 on Oct. 28, 2021, marking a significant milestone in its journey. Its all-time low of $0.000105637, achieved on Nov. 28, 2020, highlights the coin's susceptibility to market dynamics and sentiment shifts. In early April 2024, Shiba Inu (SHIB) is priced at $0.00002869.

Despite its performance and widespread popularity, SHIB has never reached the coveted 1-cent mark in its price history. While some may speculate on the possibility of such a milestone, experts remain cautious, suggesting that the likelihood of SHIB touching 1 cent shortly is low. However, those who are optimistic that this project will reach 1 cent believe that certain conditions have to be met for it to touch that milestone.

Will Shiba Inu Hit 1 Cent? Triggers

It is an open-ended debate on whether Shiba Inu (SHIB) will reach 1 cent. However, many experts believe that certain conditions could help SHIB to reach that milestone. 

Here are some factors that can potentially boost its price and push it towards a 1-cent milestone. 

  • Mass involvement in meme projects
  • Overall whale trends
  • Future collaborations and growth of ecosystems

One significant factor is the resurgence of the meme coin fever, which has increased interest in riskier entities in the crypto market. SHIB and other meme coins like Dogecoin (DOGE) have recently experienced high growth led by the overall market behavior of investors who have started gaining interest in meme projects. Mass involvement in a project can cause an increase in demand, boosting the overall price level of a certain meme project. 

Crypto whale activity has caught the attention of market participants, particularly in the meme coin sector. Analysis of whale movements, especially concerning SHIB, has revealed significant transactions that could impact its price trajectory. Whale investors have been observed making strategic moves, such as cashing in on profits and adjusting their positions, which could influence market sentiment.

Partnerships and ecosystem expansions play a crucial role in shaping the future of SHIB. The collaboration between the SHIB team and Zama, a leader in fully homomorphic encryption (FHE) technology, highlights efforts to enhance the security and privacy of the SHIB ecosystem. By leveraging encryption expertise, SHIB aims to strengthen user trust and innovation, potentially attracting more investors and driving up its price.

While the possibility of SHIB hitting 1 cent remains speculative, factors such as meme coin fever, whale activity and ecosystem developments could contribute to its price growth in the future. As the cryptocurrency market evolves, investors will monitor these triggers to gauge SHIB's potential for reaching new milestones.

When Will Shiba Inu Reach 1 Cent?

Reaching a value of 1 cent for Shiba Inu (SHIB) presents a significant challenge, as indicated by analysis from CoinCodex.com. To achieve this milestone, SHIB would need to experience a 113-fold increase from its ATH of $0.0000881 in October 2021. Predictions from Techopedia suggest that by 2030, the highest price for SHIB could reach $0.000320, making the $0.01 mark seem unrealistic because of the resulting $5 trillion market cap.

According to insights from BTCC, if SHIB were to undergo a 50% coin burn annually for the next two decades, it would take approximately 19 years to reach 1 cent. However, more conservative estimates from CoinCodex suggest that SHIB's price might reach $0.000166 by April 2025. 

Ultimately, the likelihood of Shiba Inu (SHIB) reaching $0.01 by 2025 depends on numerous factors, including its ability to address real-world problems, its use cases, market demand, potential partnerships and collaborations. The overall trends in the meme coin market, movements in Bitcoin (BTC) and other top altcoins and changes in Ethereum (ETH) dominance will all play significant roles in determining SHIB's future price movements.

Can SHIB Still Go Up?

Projections from various sources offer a range of potential outcomes for SHIB's price trajectory. According to Coinpedia, SHIB's price could reach $0.000195 by the end of 2030, with some forecasts suggesting it could hit $0.00002026 by the end of 2024. Binance calls for a more modest increase, suggesting SHIB could reach $0.000038 by 2030, marking a 5% rise.

CryptoNewsZ offers a slightly different perspective, indicating that SHIB's price in 2030 may range from a minimum of $0.0000836 to a maximum of $0.0001204. Similarly, CoinCodex forecasts show a yearly low price of $0.00002825 for SHIB in 2025, with the potential to surge to $0.000134 by 2026. CryptoNewZ is more bullish, anticipating SHIB to reach $0.000165 by 2030, although it warns of potential volatility and irregular growth patterns.

Ultimately, the future price performance of SHIB hinges on a myriad of factors, including its adoption rate, utility, market sentiment, regulatory developments and broader trends within the cryptocurrency sector. While optimistic projections exist, investors should cautiously approach such forecasts and conduct thorough research before making investment decisions.

So, Can SHIB Reach 1 Cent?

The likelihood of Shiba Inu (SHIB) reaching 1 cent appears to be remote. With SHIB needing to increase its price by 113 times from its ATH of $0.0000881 to $0.01, significant hurdles stand in the way. While various forecasts suggest potential price growth for SHIB over the coming years, reaching the 1-cent mark would require a substantial market valuation and adoption leap. Factors such as burn rates, market sentiment, regulatory developments and broader cryptocurrency trends play pivotal roles in determining SHIB's future trajectory. However, it's essential to approach such ambitious targets with caution and realistic expectations, considering the complexities of the cryptocurrency market.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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About Ishan Jain

Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.