The above question is one that the Shiba Inu community asks itself most often. There are bold theories that the popular dog coin has the right to reach 1 cent in the next few years. Is this even possible?
SHIB development representing a highway towards a new ATH
The Shiba Inu (SHIB) was a coin whose price rose at a dizzying pace during the past bull market. Although it only made its debut in 2020, it managed to win the hearts of many supporters, making its community one of the largest in the cryptocurrency world today. We wrote about the idea of SHIB, its beginnings and plans in an article titled: “What is Shiba Inu (SHIB)”. Take a look if you are interested in this topic!
Meanwhile, Shibarium will soon have its premiere. It will constitute the second layer of SHIB, which will free the project from the problems encountered in the Ethereum network, on which Shiba Inu is built. In turn, the Shiba Inu Eternity game, which is coming at great speed, is very popular. Both of these aspects drive the market and make speculators’ expectations of an increase in the price of SHIB legitimate.
No wonder, then, that investors are outdoing themselves with forecasts, expecting the value of the coin to rise as high as $0.01, within the next five years.
Hot forecasts vs. cool market reality
To calm the mood, let’s remember that many cryptocurrency assets, experienced fantastic valuation forecasts for the past bull market. However, these values in the vast majority of cases have not been achieved. This gives reason to believe that $0.01 per SHIB, is a very exorbitant price. Market observers seeing this fact become more cautious. Hence, reviewing the data on the web today, we are more likely to encounter predictions oscillating between $0.001 and $0.002.
Numerous technical analysts also point out that in the long term, the SHIB coin does not yet have a uniform trend. Its absence is due, among other things, to the short lifespan of the Shiba Inu, relative to many other marketable assets. And this, in turn, makes forecasting difficult.
Technical aspects of SHIB are not everything
At the same time, it is worth noting that the above figures are only predictions. Their realization can be influenced by many factors. Shiba Inu is largely concentrated in the portfolios of whales, which, having a large stock of the coin, can easily influence its price.
Another important factor, is the behavior of the Bitcoin price itself. Regardless of the pace of development of individual projects, it is BTC that has a strong influence on the direction of market movement. Interesting predictions about the price of Bitcoin, in turn, were shared by Mike Novogratz. You will read about them in the article under the title: “Can Bitcoin reach $500k in 5 years? Mike Novogratz thinks so!”.