Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach $1
February 19 2024 - 3:00PM
NEWSBTC
Despite witnessing recent price increases and moving forward with
ongoing developmental projects in its ecosystem, cryptocurrency
analyst Zack Humphries has declared that SHIB, the native token of
the Shiba Inu ecosystem, will not “reach $1 anytime soon.”
Why Shiba Inu Will Not Hit $1 In a recent YouTube video, Humphries
provided a compelling reason for why he believes that the price of
SHIB will not reach the $1 milestone in the near future. The crypto
analyst’s controversial statement is rooted in the belief that SHIB
hitting $1, would position it as the most valuable cryptocurrency
asset and the largest company by market capitalization.
Related Reading: Bitcoin’s Rise To $52,000 Masks Potential Pitfalls
Ahead, Analyst Warns Adding weight to his argument, Humphries
pointed out the unparalleled value of Bitcoin in the digital asset
market and the dominance of Apple Inc. as the world’s largest
company by market capitalization. These formidable benchmarks make
SHIB’s ascent to $1 an almost impossible task, as it would have to
surpass not only Bitcoin in the cryptocurrency landscape but also
compete with established tech giants like Apple. Humphries has
labelled any predictions and expectations of SHIB surging to $1 in
2024 as “garbage.” At the time of writing, the cryptocurrency is
trading at a price of $0.0000098, reflecting a 5.64% increase in
the past seven days, according to CoinMarketCap. The highest
price Shiba Inu has been able to achieve since its inception is
$0.000086 in October 2021. Following this all-time high, the
cryptocurrency has struggled to achieve a significant price
increase despite its rapidly developing ecosystem. SHIB’s
Recent Price Performance Lately, Shiba Inu has been witnessing
steady gains, capturing the attention of major long-term holder
investors. A massive shift in whale movements was recorded in the
last few days, with over 2,500% surge in large holder
inflows. Additionally, in the past week, Shiba Inu has
displayed strong signs of a bullish recovery, which could see the
cryptocurrency rallying by a staggering 73% and achieving new price
highs. On February 16, SHIB erased a zero from its price and began
trading at 0.00001. Related Reading: The Bitcoin Rally Is Far
From Over: 2 Key Factors Behind The Momentum This uptick came as
Bitcoin successfully crossed the $50,000 price mark on Monday,
February 12. At the time of writing, the cryptocurrency is trading
at $52,230, according to CoinMarketCap. While the
prospects of Shiba Inu reaching the $1 price mark may appear
distant, the cryptocurrency is still gaining steady momentum as
more SHIB burns take place and new innovative projects are
introduced into the ecosystem. In January alone, the Shiba
Inu team recorded an impressive 9.35 billion SHIB burns.
Moreover, with the imminent launch of the automated SHIB burn
mechanism, additional token burns are anticipated. This could
present an effective strategy to diminish the token’s circulating
supply and enhance its value through increased scarcity. SHIB price
struggles to keep up with the market | Source: SHIBUSD on
Tradingview.com Featured image from CoinMarketCap, chart from
Tradingview.com
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