Shiba Inu Secures Community Support To Rally To $1, Here’s How
August 20 2024 - 10:00AM
NEWSBTC
The possibility of Shiba Inu rising to $1 is one crypto community
members look to support. This follows a recent poll by the crypto
exchange CoinW, which showed that others besides the SHIB community
believe such a price target may be attainable. Related
Reading: Ethereum Transaction Costs Hit Historic Lows: What Does
This Mean For ETH? Shiba Inu Rising To $1 Gains Community Support
In an X (formerly Twitter) post, CoinW made a poll asking community
members which prediction for the top-ranked crypto tokens is likely
to happen first. This included the prediction of Shiba Inu rising
to $1, which showed that the meme coin eventually rising to this
price level has been considered and supported by notable figures in
the crypto community. Shiba Inu rallying to $1 will
undoubtedly be massive, representing over a 7 million percent price
gain for the meme coin. However, such a price gain isn’t new to
Shiba Inu, considering that it recorded an unprecedented price gain
of 150 million percent in the 2021 bull run. However, it remains
uncertain whether or not reaching this price level can happen in
this market cycle. Based on the most bullish predictions given for
SHIB, the rally to $1 will unlikely happen in this bull run. Crypto
analyst Ali Martinez, who has offered the most bullish price
prediction for Shiba Inu, stated that the meme coin could rise to
as high as $0.011 in this market cycle. Crypto analyst Armando
Pantoja has predicted that Shiba Inu will rise to $0.001 in this
bull run. While there is a consensus that Shiba Inu can
eventually reach $1, some crypto analysts, like Oscar Ramos, have
reservations about this happening. This came following his
statement that Shiba Inu can’t even reach $0.01 in this cycle due
to its current supply of over 580 trillion. Shiba Inu’s burn
tracker previously noted that the meme coin will need to have a
circulating supply of just over 85 billion to reach $0.01, meaning
that Shiba Inu’s supply will still need to be much less if it is to
reach $1 eventually. Shiba Inu’s Next Move While the crypto
community contemplates when Shiba Inu’s rise to $1 will happen,
crypto analyst Javon Marks has provided insights into the meme
coin’s next move. Marks has predicted that the meme coin could
enjoy a price rally to $0.000081, with Shiba Inu already holding a
larger breakout. A rise to this price level represents an
almost 500% price gain for the meme coin from its current price.
However, Marks is confident that SHIB can make such a run, noting
how certain bullish signals on the chart point to a bullish
breakout for the meme coin. Related Reading: Monday’s Crypto
Leaderboard: BNB And XRP Surge Past Market Leaders SHIB has been
trading at around $0.00001378, up over 5% in the last 24 hours,
according to data from CoinMarketCap. Cover image from Dall-E,
chart from Tradingview
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