Shiba Inu price recently spiked to $0.001 on Binance Japan upon the listing of a SHIB/JPY pair, sparking speculation on the possibility of this price across global exchanges.
The price of Shiba Inu has continued to oscillate between a high of $0.00002814 and a low of $0.00001830 for three weeks. As SHIB trails the broader market, its price direction has been dictated by Bitcoin’s (BTC) movements, which have failed to impress over the past month.
However, SHIB’s price in Japan witnessed a unique boost at the end of April on the back of a pivotal development. The Crypto Basic recently confirmed that Binance Japan, the Japanese arm of the world’s largest exchange Binance, disclosed plans to list a Shiba Inu trading pair denominated in the Japanese Yen.
Shiba Inu Price Spikes to $0.00011 in Japan
Trading for the pair began on April 30, leading to an influx of market participants, as volume saw a sharp increase. Interestingly, amid this surge in trading activity, Shiba Inu price recorded a spike to 0.01666 JPY on Binance Japan before witnessing a massive drop from the record high to trade at 0.0003741 JPY.
At the time of the report, the 0.01666 JPY high translates to $0.00011, marking a 393% increase from Shiba Inu’s actual market value of $0.00002231 then. This price spike is attributable to increased visibility for SHIB in Japan, speculation, and investor rush. The listing attracted speculative trading, driving prices up further.
Despite this rise being artificial, some Shiba Inu community members are optimistic that a $0.00011 value could someday be SHIB’s real price in the global market. At the reporting time, the Shiba Inu price currently trades for $0.00002298, requiring a 378% increase from the current price to hit $0.00011.
How Possible is a $0.00011 Price for SHIB?
SHIB recently recorded a price increase close to this rate this year, having spiked from $0.00000965 on Feb. 25 to the yearly peak of $0.00004567 on March 5. This rally marked an impressive 373% increase within eight days, suggesting that Shiba Inu is capable of claiming the 378% rise required to reach $0.00011.
Moreover, at the $0.00011 price, SHIB’s market cap would stand at $64.8 billion, representing an addition of $51 billion to the current valuation of $13.49 billion. This market cap would mark Shiba Inu’s highest valuation since inception, about $24 billion more than the peak of $40 billion recorded in 2021.
These metrics confirm that Shiba Inu has the potential to reach the $0.00011 price. Interestingly, multiple industry commentators have predicted SHIB to clinch $0.0001 in recent times. In early April, chartist Crypto Sheriff noted that Shiba Inu’s recent breakout could take it toward $0.00011.
#SHIB Update | Breakout is happened!📈 https://t.co/e3cjDZvKyq pic.twitter.com/603MMrDQ7d
— CRYPTO SHERIFF (@Gem_Sheriff) April 8, 2024
Moreover, analyst Javon Marks projected two months back that SHIB could skyrocket to the $0.000015 price territory. Market watcher Bunchhieng also argued last month that Shiba Inu is looking to stage a price rally, with the $0.0001 price territory a possible target. However, while the $0.00011 is highly possible, it is uncertain if SHIB can actually clinch it.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
