The hype of finding cheap crypto continues in the cryptocurrency community. However, it is crucial to understand the feasibility of a cryptocurrency reaching a certain price. Shiba Inu coin is currently ranked 13th in the list of the largest cryptocurrencies by market cap. The Shiba community believes that there is still considerable potential for SHIB price. Will Shiba Inu coin reach $1 in the next bull run? Let’s analyze this Shiba Inu coin price prediction.
What is Shiba Inu Coin?
Shiba Inu is an Ethereum-based altcoin with a Shiba Inu hound as its logo. Its fan group SHIBArmy calls it the "Dogecoin Killer" and generally sees it as an alternative to Dogecoin.
On October 29, 2021, the price of Shiba Inu increased by more than 10 times, bringing the company’s market cap to $41 billion. Despite a sharp drop in market cap to its current value of $7.9 billion as of today, Shiba Inu ranks second only to Dogecoin in the top 10 of all meme cryptos.
Shiba Inu is developed and hosted on the Ethereum blockchain, not on its own blockchain, as it is an ERC-20 token based on Ethereum. According to founder Ryoshi, he decided to create the Shiba Inu ecosystem on Ethereum because it is already secure, reliable, and allows the project to maintain its decentralized nature.
How much does a Shiba Inu cost?
The price of Shiba Inu varies depending on supply and demand. In addition, different exchanges have slightly different prices. At the time of writing, the price of Shiba Inu is around $0.00001347.
How much are 1 million Shiba Inus worth?
Given that the current price of 1 SHIB is $0.00001347, 1 million SHIB tokens are worth about $13.47. Don’t be fooled when someone tells you they have millions of Shiba Inu tokens, they are probably only worth a few hundred dollars.
How to mine Shiba Inu?
As mentioned before, Shiba Inu runs on the Ethereum blockchain. Since Ethereum moved from PoW to PoS, there is no longer mining of Ethereum or any other token running on the Ethereum blockchain. Therefore, you can no longer mine Shiba Inu. However, you can stake Shiba Inu.
Shiba Inu Coinbase – How to Buy?
is a premium exchange that offers Shiba Inu Coin as a buy and sell option. You will always be in control of your SHIB holdings. You will only receive rewards while keeping your cryptocurrency safe; your SHIB will never leave your account.
You can simply buy SHIB on Coinbase or add SHIB tokens to your Coinbase account from an external wallet to start buying and selling immediately. To get started immediately, create a Coinbase account here.
Why does the Shiba Inu fall?
If we look at the macro chart of SHIB, we can see that there are two stages: the first stage SHIB is in a strong downtrend, and the second stage SHIB is in a consolidation stage. This means that the price is not yet determined and is trading sideways between two price areas.
In Figure 1 below, we can clearly see these two phases. The upper and lower trend lines of the sideways movement are defined by the low prices of $0.000008 and $0.000018. The SHIB price is expected to rebound to the higher trend line, but the price currently seems bearish. In fact, the overall bearish sentiment of the cryptocurrency market at the moment confirms this. In a previous article, we predicted that the SHIB token price would continue to fall and reach a price of around $0.000010. This is exactly what is happening, as the price has just broken the limit of $0.000011.
SHIB Price Prediction – What is the Shiba Inu Aim For?
Knowing the consolidation of Shiba Inu, we expect the price of SHIB to rise once it breaks above $0.000018. When this happens, we expect the entire cryptocurrency market to be back on a positive track at that time. Therefore, most cryptocurrencies have already overcome their respective hurdles.
If this happens, the Shiba Inu can achieve the following:
$0.000021
$0.000025
$0.000030
We can notice that it is unlikely that the SHIB price will rise overnight. In fact, these targets will take at least 2 months to reach, as SHIB will probably continue to move lower to the downtrend line in the short term. That is why it might be risky to open long positions in SHIB at the moment.
Will Shiba Coin reach $1?
Reaching $1 per Shiba Inu coin would mean the total market cap of SHIB would be about $550 trillion. This is definitely a very high valuation, as the total U.S. budget for 2022 is about $5 trillion. SHIB will never reach a price of $1.
Will the Shiba Inu reach 1 cent?
If the Shiba Inu reaches 1 cent, SHIB would have a market cap of around $5.5 trillion. This valuation is almost the same as the entire U.S. budget in 2022. There is no way the Shiba Inu will ever reach 1 cent, especially with the current market dynamics.
