Shiba Inu (SHIB) currently trades at $0.000013, showing minimal price movement throughout the month. The meme coin has been trading sideways, with no significant surges since March, when it experienced a 280% increase.
The rise followed the Bitcoin halving event and the launch of an ETF. Since then, prices have remained stable for six months, leaving investors waiting for another rally in the Shiba Inu price.
Shiba Inu Price Fluctuation Chart. Source: CoinMarketCap Shiba Inu’s Price Consolidation Continues
The Shiba Inu price remains consolidated, and experts closely monitor the situation. According to Krao, a cryptocurrency analyst, SHIB could be preparing for a major breakout. Consequently, Krao shared his analysis on TradingView, predicting that the coin could delete two zeroes from its price.
If this happens, the SHIB USD pair could reach $0.001 by January or February 2025, which is only four to five months away.
While the SHIB price remains steady, the consolidation phase could be a precursor to a significant upward movement. Investors are eager to see if the current pattern will lead to a rally, as Krao forecasted. The Shiba Inu coin price may see a breakout, but it remains to be seen whether this will happen in the short term.
Is Shiba Inu Set to Hit $0.001?
Krao’s forecast suggests that the Shiba Inu price could surge by 7,600% in the next five months. For SHIB to reach $0.001, the token would need to increase by an average of 1,500% per month. This prediction has caught the attention of many in the crypto space, with investors calculating potential returns.
Source: TradingView
For instance, if the prediction holds true, a $1,000 investment in SHIB today could potentially become $77,000 by early 2025.
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