Reality and Fantasy Check: Can Shiba Inu Hit $10 by 2024?

shiba inu

A major financial publication recently claimed that “experts predict Shiba Inu will be worth $10 by 2024.” However, the article failed to cite any experts who made such a prediction, and the initial forecast from February did not come from an expert source. 

Currently, Shiba Inu is trading at $0.00000991, with an additional zero added to the index just last week. In order to reach $10 by 2024, Shiba Inu would need to eliminate all five zeroes and experience an astronomical increase, which is highly unlikely. Even the prospect of Shiba Inu reaching $1 is implausible, let alone $10.

Will Shiba Inu Reach $10 by 2024?

The possibility of Shiba Inu (SHIB) reaching a value of $10 is highly unlikely, given the immense increase required. In order for SHIB to reach a value of $0.01, it would need to burn 90% of its circulating supply, leaving only 6 trillion tokens available. Even if SHIB were to burn 99% of its supply, with only 600 billion tokens in circulation, it would still be unlikely to reach a value of $1. The likelihood of SHIB reaching $10 seems out of the equation altogether.

The only realistic possibility for SHIB is to trade with three zeroes after the release of Shibarium, but this would require a bull run similar to the one seen in 2021. If this doesn’t occur, even trading with three zeroes seems questionable.

Read Also: Sketchy Shiba Inu Burn: Strange Wallet Burns 2M SHIB Tokens

It’s important to remember that not all that glitters is gold in the cryptocurrency markets, and the “Midas touch” seems to have ended, with only early investors profiting while latecomers are left with depreciating tokens.

At present, SHIB is trading at $0.00000991, according to TradingView chart and is down 0.7% in the 24-hour trading period. It has also fallen 88.42% from its all-time high of $0.00008616, which was reached in October 2021.

Read Also: Shiba Inu Retains Top Spot as No. 1 Memecoin in the US

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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