Market analyst Luis Delgado (Del Crxpto) recently cited a historic feat from Dogecoin as he maintains confidence that a Shiba Inu rally to $0.01 is a certainty.
In a recent post on X, Delgado called attention to Dogecoin’s ability to surpass the $0.01 price mark. Being the first-ever meme coin, DOGE’s market debut was marked by an opening price of $0.00056 in December 2013. The token rallied to a peak of $0.00232 a month later and then retraced to $0.0001 in August 2014.
Dogecoin Made the Impossible Possible
Dogecoin continued to trade between $0.0001 and $0.0002 for nearly four years. At the time, discussions around any rally to $0.01 seemed ridiculous due to the upsurge needed for that price. However, DOGE began a historic uptrend during the 2017 bull run. This rally eventually led to a high of $0.01073 in December 2017.
Dogecoin has only continued to reach greater heights since then, riding on billionaire Elon Musk’s endorsement to hit an all-time high of $0.7390 in May 2021. According to Delgado, Dogecoin’s push above $0.01 was a reminder to market participants that the impossible is possible.
$DOGE to $0.01 reminded everyone that the impossible is possible…
Never forget the lesson $DOGE taught the world. #ThinkMacro
— Del Crxpto (@DelCrxpto) July 10, 2024
This sentiment is dominant within the crypto market, where assets have reached values previously dismissed as unfeasible. One such case involves Shiba Inu, which has been at the center of multiple ambitious price targets. The $0.01 goal has often sprung up on several occasions, but proponents have quickly dismissed it.
Confidence in a Shiba Inu Rally to $0.01
However, Delgado is confident that this $0.01 target is attainable for SHIB. He has continued to make projections around this target, expressing his steadfast confidence in the goal. The market commentator asserted in a previous X post that a Shiba Inu upsurge to the $0.01 level is a “certainty.”
$SHIB to $0.01 is a certainty…
It’s all by design. #ThinkMacro
— Del Crxpto (@DelCrxpto) March 9, 2024
He argued that when Shiba Inu surpasses the $0.01 level, the general narrative would shift to “$1 is impossible.” This remark hinges on the fact that even the $0.000016 level, which SHIB currently trades for, was considered an impossibility at the time the token traded at much lower values such as $0.000000002 in 2020. SHIB marketer Lucie also asserted that $0.01 is possible, but not right now.
Notably, one of the major factors posing a roadblock to Shiba Inu’s rally to $0.01 is its circulating supply. With a supply of over 589 trillion tokens, a $0.01 price for SHIB would lead to a market cap of $5.89 trillion. This is more than twice the current valuation of the entire crypto market, making the price level difficult to reach.
However, while the chances are extremely low, the crypto market has always been a source of surprises for investors. An unlikely case that could help SHIB reach $0.01 could involve an enormous burn event. Nonetheless, the probability is very low. Shiba Inu currently trades for $0.0000165, down 4% this month.
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