The ongoing mild recovery across the market is reflected in the price of Shiba Inu, which has increased by 6.56% on the daily chart. Amid the mild recovery, Shiba Inu surged above $0.000015 in late hours yesterday. Following its remarkable performance, several market observers and analysts have made favorable predictions for this dog-themed token.
CoinW Predicts SHIB Could Hit $1
As reported this week, leading cryptocurrency exchange CoinW hinted that the price of SHIB could surge as much as 7,627,665% to $1. CoinW made this prediction alongside a series of other bold predictions, such as Bitcoin hitting $100,000 and Cardano (ADA) soaring to $5.
As expected, CoinW’s prediction of Shiba Inu hitting $1 has sent shockwaves through the crypto community due to the asset’s large circulating supply of 589.27 trillion tokens. Furthermore, to reach $1, SHIB would have to drop four zeros after its decimal point.
SHIB Could Hit $1.2 If It Repeats Success In 2020/2021
However, if the asset repeats its 2020/2021 success, the price of Shiba Inu is likely to surge beyond CoinW’s $1 forecast to $1.20. It should be mentioned that Shiba Inu has recorded an impressive growth of 76,000,000% between 2020 and 2021.
Shiba Inu, which was launched in August 2020 as another memecoin on the market, became extremely popular a few months later. Its popularity skyrocketed after Ethereum founder Vitalik Buterin, who received 50% of the total supply of SHIB from Shiba Inu founder Ryoshi, burned 410 trillion of these tokens and donated the rest to charities. Additionally, several cryptocurrency exchanges, including Binance and Coinbase, listed SHIB for trading.
