Shiba Inu Hitting $0.01: Analyst Explains Why It’s Unlikely

Shiba Inu Hitting $0.01: Analyst Explains Why It's Unlikely

Analyst Oscar Ramos recently shared his skepticism on social media about Shiba Inu (SHIB) reaching $0.01 within the next 20 years, citing current supply dynamics. Ramos presented a detailed price analysis from Telegaon, illustrating the challenging path to significant price increases.

Ramos shared Telegaon’s projections for SHIB’s price progression over several phases. From 2024 to 2027, SHIB is expected to grow, with prices ranging from $0.0000421 to $0.0000601 in 2024 and $0.0000945 to $0.000198 by 2027. This period suggests market stabilization and gradual appreciation.

From 2028 to 2030, moderate growth is anticipated, with average prices rising from $0.000289 in 2028 to $0.000646 in 2030. By 2035, SHIB could reach a milestone with prices potentially exceeding $0.002, driven by increased adoption and market confidence. Projections indicate exponential growth from 2040 onwards. By 2040, SHIB’s average price might reach $0.076, and by 2050, it could surpass $1.00.

Varied Analyst Predictions

Top Bitcoin analysts Jason Williams and Yazan predicted SHIB might hit $0.05 if Bitcoin reaches $250K to $777K. They estimated SHIB would need a 200,703% rally by 2025 to eliminate three zeros from its price. While analysts like Dona, Eunice Wong, and Bunchhieng foresee SHIB’s price reaching $0.000114 this cycle, others suggest a long-term target of $0.05 by 2040. Lucie, a Shiba Inu content specialist, remains optimistic about SHIB reaching $0.01 despite the challenges. However, Oscar Ramos insists that SHIB cannot exceed 1 cent with the current Shiba Inu supply.

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Ramos’ post triggered diverse reactions from the SHIB community. Oscar V, a long-time SHIB holder, expressed his long-term commitment, planning to hold SHIB for his children’s future despite prevalent rug pulls in the meme coin market. He emphasized his focus on real-world assets (RWA) and well-known meme coins.

Recent burn rates suggest community efforts to reduce token supply and manage SHIB’s value. However, substantial reductions in supply through sustained burn mechanisms are needed to impact the token’s price meaningfully. Daily SHIB burn statistics from Shibburn as of May 19, 2024, show significant activity, with over 9.8 million tokens burned in 24 hours, representing a 579.08% increase in the burn rate.

Related article: Shiba Inu Popularity Spurs Rise in SHIB Airdrop Scams

Market Sentiment And Technical Analysis

Current market sentiment, reflected in SHIB’s price movements and technical indicators, shows mixed signals. As of the latest data, SHIB trades at $0.00002412, with a 24-hour trading volume of $298,988,854.35. This marks a 2.48% decline in the last 24 hours but an 11.55% increase over the past week. The circulating supply of 590 trillion SHIB gives it a market cap of $14.24 billion.

The daily SHIB/USD chart shows price consolidation, with current movements suggesting market indecision. Moreover, the Simple Moving Average (SMA) and Exponential Moving Average (EMA) indicate support around $0.00002409, with resistance near $0.00003000. Additionally, the Stochastic Relative Strength Index (Stoch RSI) suggests potential overbought conditions, indicating possible short-term price corrections. Ultimately, only time will tell if current optimism among analysts and market sentiment will translate into sustained long-term growth for Shiba Inu.

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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