Shiba Inu (SHIB) would reach the much-coveted $0.001 price point in the next six months if its price doubles every month from this level.
Despite being one of the discussed cryptocurrencies, Shiba Inu trades significantly below its all-time high price of $0.00008845. Nonetheless, SHIB has already demonstrated its potential to record massive gains in the current market cycle, spiking 370% in a week late February.
Shiba Inu in a Bullish Position
Shiba Inu’s technicals and market position suggest that it could be gearing up for an impressive price upswing. At a current value of 51, the SHIB daily Relative Strength Index (RSI) confirms that there is more room for growth. In addition, Shiba Inu currently trades within a bullish pennant, with a high probability of a breach upward.
As a result of these bullish readings, multiple analysts have projected lofty price targets for when Shiba Inu records a price upswing. For instance, market analyst Javon Marks set a $0.0000886 price target for SHIB when it engineers the second rally phase. Meanwhile, early Bitcoin adopter Davinci Jeremie expects Shiba Inu to reach $0.00006.
Davie Satoshi recently predicted that SHIB has the potential to rally by up to two times amid a price uptrend.
Interestingly, some pundits have projected loftier targets such as the $0.001 goal. One such pundit is Armando Pantoja, who expects SHIB to cross $0.001 between now and 2025.
Time Required to Hit $0.001 if SHIB Price Doubles Each Month
While this $0.001 target appears ambitious, The Crypto Basic presented a progressive journey that could help SHIB clinch it if it extends the gains predicted by Davie Satoshi. Starting from its current price of $0.00002532, if SHIB doubles in value each month, it could hit $0.001 within a year.
With this rate of growth, SHIB’s value would double to $0.00005064 by July 2024. By August, it would further double to $0.00010128. Continuing this trend, September would see the price rise to $0.00020256. By October, the price would further increase to $0.00040512, and in November, it would double again to $0.00081024.
By December 2024, SHIB would surpass the $0.001 mark, taking roughly six months from now. This exponential growth hinges on the assumption that SHIB can sustain such a rapid rate of increase, a highly speculative and optimistic scenario.
Achieving $0.001 would be a significant milestone for Shiba Inu, representing substantial growth and attracting more attention from investors. At this price, Shiba Inu’s market cap would spike to $589 billion, confirming the fact that SHIB would need to significantly reduce its circulating supply to have a chance at hitting this target.
Yet, potential investors should approach this scenario with caution. Cryptocurrencies are rather volatile, and past performance does not necessarily predict future results.
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.
