Can the #Shiba Inu Price Reach $1 if $SHIB Surpasses Bitcoin Cash?
As of its most recent price of $0.0000269
SHIB's market valuation is about $16 billion.
At its final valuation, Bitcoin Cash was worth little more than $13 billion.
Although SHIB has fallen 40% from its March highs of $0.000045, it is still 2.5 times higher than a year ago.
Meme coin risk appetite spiked unexpectedly a month ago, when Bitcoin achieved new all-time highs, and that was the spark that set it all off.
In March, on the heels of January's US approval of spot Bitcoin ETFs, Bitcoin's (BTC) value almost reached $74,000. It goes without saying that this launch has surpassed all others in terms of success for ETFs.
The price of Shiba Inus still has a ways to go, even if Bitcoin is back at record highs. It dropped 70% from its all-time high of $0.00009 in 2021.
Because of this bull market, SHIB might still see increases of three times its current value, or even more, if the meme coin craze manages to transcend its ridiculous high from 2021.
If the group chooses to remove a few zeroes from the overall supply, then $1 SHIB is certainly within the realm of possibility.
For SHIB to reach $1 at its present price of $0.000027, its price would have to rise roughly 40,000 times.
If that happened, its market valuation would skyrocket to an unfathomably high $640 trillion—more than the combined value of all assets on Earth.
The Shiba Inu price is likely to retest its mid-March lows around the $0.000024 range, according to a cursory examination of the SHIB chart.
In addition to the 50DMA, that is a very robust support zone.
A possible break of the current decline in the Shiba Inu price is imminent if it finds solid support below $0.000024.
The Shiba Inu price may soon reverse its downward trend if it finds solid support here.
We may see a rapid return to its recent highs in the $0.000045s if that happens.
