Shiba Inu (SHIB) Expected to Grow 10x This Cycle — Is a $0.01 Price Target Really That Far Away?
With upcoming updates like the use of SHIB as collateral and the launch of the DAO, market interest could rise significantly, driving SHIB to a 10x gain. Despite the recent pullback, some analysts believe that SHIB could hit new highs if mainstream markets such as Ethereum perform well.
According to a recent CNF report, SHIB prices fell 2.17% on Friday, in line with the overall crypto market downturn as Shiba Inu tokens become more accessible. SHIB has lost about 69% of its value since March, but some investors see it as a bargain hunting opportunity, anticipating a future rebound.
As of today, SHIB is trading at $0.00001334, down 2.42% in the past day and 10.82% in the past week. Despite its recent poor performance, crypto analyst CryptoZack predicts that SHIB could rise to $0.0014 if Ethereum performs steadily. He said in a YouTube video:
"Can SHIB rise 10 times from its current price in this cycle? Can it set new highs? Can the market value reach 100 billion? Of course it is possible, and the chance is not small."
In addition, major updates to the SHIB ecosystem, including its use as Kraken collateral and plans to establish a decentralized autonomous organization (DAO) by 2025, may stimulate market interest and demand.
The SHIB community has reason to be optimistic; CNF reported earlier that a new era is coming for the SHIB community, as evidenced by Shibarium's growth. SHIB's inclusion as collateral for Kraken futures trading, coupled with the upcoming ecosystem transformation (including development towards decentralization and the launch of a DAO in 2025), are expected to increase demand for SHIB and potentially push up its price.
