As Shiba Inu struggles to recoup its recent losses, we compiled a list of top 10 forecasts projecting that SHIB would hit the much-coveted target of $0.001.
Shiba Inu has been making significant efforts to recoup some of its recent losses. On August 5, 2024, Shiba Inu was just a few steps away from adding another zero to its price after it slumped to $0.00001088.
Interestingly, the dog-themed token embarked on a significant recovery, surging above the $0.000014 price territory. At press time, Shiba Inu is currently trading at $0.00001403, reflecting a decline of 4.91% over the past seven days.
Despite Shiba Inu’s recent downturn, enthusiasts have remained confident about the token’s potential price surge. The asset is projected to hit an ambitious target of $0.001 someday. Reaching the $0.001 target requires Shiba Inu to surge 7,027% from its current price.
10 Predictions Regarding Shiba Inu’s Potential Surge to $0.001
As this target gains momentum within the community, we recently compiled the top 10 predictions hinting at a potential rally to $0.001.
As reported yesterday, popular market analyst Armando Pantoja projected that FOMO (Fear of Missing Out) is about to hit Shiba Inu. He said this FOMO trend could propel the token for a 72x surge above the $0.001 price territory. Pantoja noted that investors would likely take advantage of SHIB’s low price to scoop the token for a discount.
In a separate commentary, Pantoja foresees SHIB hitting the $0.001 price mark this year or 2025 at worst. Interestingly, Pantoja has been expressing confidence in SHIB’s potential rise to the $0.001 price level.
The analyst projected that SHIB would reach the target in April after the highly anticipated Bitcoin Halving event. Recall that Bitcoin completed its fourth Halving on April 20, 2024. Despite Bitcoin completing the Halving event in April, Shiba Inu is trading far below the $0.001 territory.
Last month, popular crypto price tracker Coinpedia Markets forecasted that the price of SHIB could rally to $0.0016 after the U.S. SEC approves the trading of spot-based Ethereum exchange-traded funds (ETFs). A few days after the projection, the SEC finally approved nine Ethereum spot ETFs to commence trading in the U.S.
Other Predictions
In addition, Crypto Basic recently analyzed that SHIB’s price could soar to $0.001477 if it gets 50% of Bitcoin spot ETF inflows. We made the forecast in reaction to the growing demand for a Shiba Inu ETF. As reported earlier, Shiba Inu community members petitioned popular crypto asset manager Grayscale to launch an ETF for SHIB. However, it remains to be seen whether Grayscale will heed this demand.
According to an analysis in June, we predicted that SHIB could surpass the $0.001 mark by December 2024 if its price doubles monthly.
In May, popular AI chatbot ChatGPT highlighted three factors that could take SHIB to the $0.001 territory. They include massive burn, increased demand and adoption, as well as overall ecosystem improvement.
Also, ChatGPT’s rival Google Bard (now Gemini) forecasted a similar rally for the dog-themed token. As reported in February, Google Bard speculates that SHIB could hit the $0.001 mark anytime between ten and twenty years.
Furthermore, famous crypto community figure Increasity believes that Shiba Inu will surge to the $0.001 price territory in the 2024/2025 bull season.
Lastly, according to an analysis last year, we predicted that it could take a few years for SHIB to hit the $0.001 target if its L2 blockchain, Shibarium, successfully incinerates 111 trillion tokens annually, as projected by community figure Queenie.
It bears mentioning that Shibarium is a major project expected to bolster SHIB burns. So far, the L2 blockchain has incinerated over 56 billion SHIB tokens. Following the introduction of a burn mechanism via a hard fork, the number of Shibarium-powered burns is expected to spike in the coming months.
Despite this, it is uncertain whether Shibarium can effectively burn 111 trillion SHIB tokens annually.
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.
