Telegaon, a popular crypto analytical platform, forecasts that SHIB would surge above $0.0001 in 2027, adding that the token would hit an average price of $0.000153 in the same year.
Like most crypto assets, the ongoing bear market has largely affected Shiba Inu. The crypto is currently trading at $0.00000727, down 91.54% from its all-time high (ATH) of $0.00008616, according to CoinGecko data.
Investors’ hope of seeing a major SHIB rally following the mainnet launch of Shibarium was dashed. Instead of a rally, the price of SHIB dipped heavily after the launch of the L2 blockchain.
Following SHIB’s recent performance, many investors believe it would be a daunting task for the asset to reach its previous ATH and potentially surge to $0.0001.
SHIB to Eliminate Two Zeroes By 2027
Interestingly, popular on-chain metrics price prediction platform Telegaon recently forecasted that SHIB would eliminate two zeroes from its price by 2027.
According to Telegaon, SHIB will change hands at an average price of $0.000153 in 2027. In the same year, the prediction platform forecasted that SHIB would hit a high of $0.000198.
For SHIB to reach $0.000153 in 2027, the asset would have to rally 2,104% from its current price of $0.00000727.
Per Telegaon’s prediction, SHIB might continue to trade with three zeroes until the end of 2030.
Telegaon Says SHIB Will Surpass 1-Cent Dream By 2040
Furthermore, the analysts at Telegaon painted a more rosy picture for SHIB’s price by 2040.
Notably, Telegaon predicted that SHIB could trade at a minimum price of $0.054, over 400% above the one-cent dream for Shiba Inu. It also speculated that SHIB’s average price by 2040 would be around $0.076.
Meanwhile, Telegaon gave a more conservative prediction for SHIB by the end of 2023. It noted that SHIB may eliminate a zero from its price, rallying to an average price of $0.0000239 by year ending.
Investors See Burns as Catalyst for SHIB Rally
Telegaon’s prediction for SHIB may seem enticing to investors. However, some may doubt the possibility of SHIB achieving the feat, given its current circulating supply.
The ongoing burn efforts have not done justice to SHIB’s whopping circulating supply. Although over 410.65 trillion SHIB have been burned so far, the token’s circulating supply still stands at around 589.32 trillion.
Several enthusiasts believe that the Shiba Inu team must burn a huge chunk of SHIB’s supply before the asset can surpass its previous ATH.
Shibarium is seen as the appropriate solution to facilitate burns. The Shiba Inu team is expected to use a part of Shibarium’s transaction fees to buy and burn SHIB.
However, the team has not yet released an official update on how much has been generated for Shibarium-powered SHIB burns.
As reported earlier, Shibburn estimates that Shibarium would need to process 5 quadrillion transactions to incinerate $25K worth of SHIB.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
