Shiba Inu (SHIB), the second largest meme coin by market cap, has seen a sharp rise in the last seven days, up more than 21%. This rise helped SHIB investors recover from the losses they suffered during last week's market crash. However, the latest data shows that the asset is now in a slump again. As of now, SHIB is trading at $0.00001607, down 3% in the past 24 hours. As the SHIB market continues to fall, investors are increasingly concerned about whether SHIB can reach its 1 cent target.
Review of Dogecoin
Cryptocurrency analyst Luis Delgado [Del Crxpto] stressed the significance of Dogecoin (DOGE) breaking through the $0.01 price. Dogecoin first entered the market in December 2013 at a price of $0.00056 and was hailed as the world's first meme coin. Subsequently, in August 2014, the coin surged to a high of $0.00232 in just one month before quickly falling back to $0.0001. For the next four years, Dogecoin traded between $0.0001 and $0.0002.
At the time, discussions about whether Dogecoin could rebound to $0.01 seemed unrealistic, as it would take a huge increase to achieve this price. However, everything changed during the bull run in 2017. Eventually, Dogecoin reached a peak of $0.01073 in December 2017.
Shiba Inu Price Prediction
Looking ahead, Forbes has made different predictions about the price trend of Shiba Inu (SHIB) in the next few years. Industry experts recognize that it is extremely challenging to accurately predict the price of cryptocurrencies due to the speculative nature of the cryptocurrency and the volatility of the market.
Himanshu Maradiya, chairman of the CIFDAQ blockchain ecosystem, is optimistic. He believes that considering the challenges, the price range of SHIB between 2024 and 2025 should be set between $0.0001 and $0.0003, which is a more realistic forecast. His view relies on two key factors: the continued development of the SHIB ecosystem and favorable market conditions.
This price range is in line with the optimistic forecasts put forward by some SHIB community analysts. If SHIB can reach $0.0003 within the next year, it would mean a staggering 1,700% return on investment for current holders.
However, KoinBX Chief Strategy Officer Utkarsh Tiwari is more conservative about the outlook for 2024. Although he is optimistic about SHIB’s quick recovery to the $0.0000298 to $0.0000396 price range, he also warns that the market may face a downturn that could have an adverse impact on the price.
