According to fresh predictions, Shiba Inu (SHIB) will return to its glory days, but it could take a while.
The bearish cryptocurrency market trend has taken its toll on most assets, including the popular Shiba Inu (SHB). Key product and feature releases by the Shiba Inu team have also been insufficient to muster a substantial recovery. At the time of writing, SHIB trades at $0.000007258, nearly 92% from its all-time high.
However, fresh predictions from Digital Coin Price, a platform that taps on-chain data and technical analysis to forecast price action, raise some hope for SHIB investors.
Digital Coin Price indicates a recovery for SHIB on the short and long-term horizon, including a prediction that SHIB will reclaim $0.0000157 by the end of December 2023.
If it comes true, such a prediction would represent a 117.96% increase from SHIB’s current price and an elimination of a zero from the coin’s five zero-digits price. Notably, crypto market conditions will need to significantly improve over the coming weeks for this prediction to remain on course.
However, looking to the long-term, Digital Coin price forecasts a four-digit percentage return for SHIB.
SHIB eyes four-digit return in eight years
According to the price prediction platform, SHIB could hit a whopping 1334% price increase by January 2031. Such a substantial rise would put the price of SHIB at $0.000103 per coin, eliminating another zero within the next eight years. The prediction also backs SHIB to maintain such four-digit gains through 2031.
The current Shiba Inu supply of 589.35 trillion tokens means that the asset would have a market capitalization of $60 billion if it opens in 2031 at the predicted price of $0.000103. This figure would also represent a nearly 15 times increase in Shiba Inu’s current market capitalization of $4.2 billion.
Meanwhile, it is noteworthy that Shiba Inu had a peak market cap of $38 billion during the last bull run. Hence, a $60 billion forecast appears more realistic over the long-term horizon than predictions that Shiba Inu would hit $0.1 by 2024. The memecoin project would have to significantly alter its token supply for the latter prediction to become remotely possible.