Memecoins are exploding as the crypto bull run restarts with Donald Trump becoming the 47th President of the United States. For example, the price of Dogecoin has surged 208% in just 9 days, and many other dog and cat-based cryptocurrencies are also surging. With the surge in demand, Shiba Inu prices could be poised for the next big surge. This article explores whether Shiba Inucoin can reach $1 after Dogecoin’s 208% surge.
Can a Shiba Inu reach $1?
Can a Shiba Inu cost $1? The short answer is “no.” However, the answer is not that simple, so let’s explore.
As mentioned above, the results of the US election coupled with Elon Musk’s involvement in creating the Department of Government Efficiency (DOGE) have made memecoins very popular. With the price of Dogecoin soaring 208% in just 9 days, investors can expect that DOGE’s competitor, the Shiba Inu, will follow suit.
But considering that the target price is far from the current price, it seems unlikely that SHIB will reach $1. As of November 16, the Shiba Inu price prediction states that it would need to rise by 3,906,150% to reach $1.
DOGE 1-Day Chart
SHIB Technical Analysis: What’s Next for the Dogecoin Killer?
Shiba Inu’s price is currently fluctuating between the $0.0000211 and $0.0000295 levels, with the former acting as support. With the relative strength index (RSI) moving beyond overbought levels, investors can expect a minor correction. SHIB price has retraced 17% over the past five days and could continue to fall. Awesome Oscillator has formed a red histogram, supporting a potential surge in bearish momentum and an upcoming correction.
If the bearish momentum continues, investors can expect SHIB to revisit the $0.0000211 support level. If there is demand here, buyers should accumulate, leading to a quick rebound. $0.0000295 is the next target, which is about 41% away. If demand continues to increase and the Bitcoin price targets $100,000, then Shiba Inu could reach $0.0000359.
Overall, this move will constitute 70% of the initiative.
SHIB/USDT 1-Day Chart
On the other hand, if the Shiba Inu price breaks below the $0.0000211 support, it will indicate weak demand. Such a development will invalidate the bullish thesis and trigger a 25% correction to the $0.0000158 support.
