As Shiba Inu price continues to consolidate ahead of substantial growth in 2024, dive into 99Bitcoin’s analyst Jake Bury’s SHIB price prediction and uncover what’s next for the second biggest meme coin. Also, don’t miss out on the 99Bitcoin’s Bitcoin Giveaway – which will see $9,999 USD in BTC distributed to 3 lucky winners!
The crypto space is never dull, especially with tokens like Shiba Inu (SHIB) making waves, often known as “the Dogecoin Killer,” Shiba Inu recently touched a jaw-dropping 90 on its Fear and Greed Index, signaling a market teetering on extreme greed.
According to 99Bitcoin’s YouTuber and crypto analyst Jacob Bury (seriously, check him out – he’s great), SHIB is holding steady and not yet breaking past crucial support levels.
Despite a high greed factor, it’s edging back towards neutral territory. The takeaway? The market’s cooling off, but SHIB’s not out of the game.
Looking at #shibainu from the last bull cycle back in late 2021 I remember we were in a very similar consolidation pattern before the next leg higher and let alone they look almost identical. Big moves coming soon for the Dog coins. #SHIBARMY #DOGE #Floki #Altcoins pic.twitter.com/44RtBqCEaZ
— Yomi (@OG_Yomi) April 4, 2024
Let’s discuss Jake’s Shiba Inu price prediction and also discuss our new BTC $9,999 giveaway!
Shiba Inu Price Prediction: What’s Next For SHIB Price Action in 2024?
Shiba Inu price predictions are swirling. Some see SHIB dipping to $0.0019 before skyrocketing, while others, like Jake, anticipate a milder drop to $0.236 before Shiba Inu rockets. The consensus? Volatility’s in the air, but SHIB’s resilience is noteworthy.
According to Jake, SHIB’s chart patterns hint at bullish momentum, with potential for growth if it breaks certain resistance points.
If a crash were in the cards, it likely would’ve happened amid the successful consolidation move.
Instead, SHIB might just be gearing up for another rally, fueled by lower-level whale investments and bolstered by bullish sentiment from the RSI and MACD.
(SHIBUSDT)
Can Shiba Inu Coin Reach $1 in 2024 or Beyond?
Many people are wondering if Shiba Inu can reach $1. The short answer is probably not.
To understand why, we need to look at Shiba Inu’s tokenomics and supply. SHIB launched with one quadrillion tokens. That is a whopping 15 zeros! To put that into perspective, the US debt is about $35 trillion, a mere 12 zeros. If SHIB hit $1, that could pay off the entire country’s debt 29 times over!
To compensate for the huge initial supply of tokens, the Shiba Inu community actively burns tokens. Ethereum’s Vitalik Buterin burned nearly half the initial supply after being gifted SHIB tokens as a marketing stunt. The current supply of Shiba Inu is around 589 trillion.
SHIB’s fully diluted market cap is $15.28 billion. In order to hit the $1 mark, SHIB’s market cap would need to increase to around $600 trillion, which is unlikely, compared to Bitcoin, whose market cap is only $1.4 trillion. From our perspective, it is highly unlikely that SHIB will hit a market cap 420 times larger than Bitcoin, or even more unlikely is that it could become 230 times the value of the entire crypto industry.
What about $1 by 2030?
Unless drastic changes are made to SHIB’s total supply, it is unlikely that SHIB will ever hit $1. Even burning 99% of total SHIB supply would give it a market cap of $5.8 trillion. So, what price targets are within reach?
Many analysts place the trading range for SHIB at much lower than $1, or even $0.01, but that doesn’t mean there isn’t potential for significant gains. Our analysis highlights some potential price points:
- Low price: $0.000167 (546.035% gain)
- Average price: $0.000313 (1,110.83%)
- High price: $0.000528 (1,942.55%)
Shiba Inu’s Latest Magazine Edition: Here’s The Latest From SHIB Community
In other project news, Shiba Inu released the 19th issue of their community updates magazine ‘The Shib”, this week spotlighting numerous projects benefiting from the uptick in SHIB price.
Key highlights from this week’s edition include:
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- K9 Finance DeFi Vision: K9 Finance is a staking solution within Shiba Inu. After catching significant investor interest, K9 Finance has announced a tri-phase product launch, promising an evolutionary leap within Shibarium, Shiba Inu’s Layer 2
- Shiboshis: The Beginning: Dark Flower, the creative mind behind a Shiba Inu comic book, teased the potential of more creative projects using SHIB.
- Tutti Frutti Women (TFW) NFTs: TFW, an NFT project within Shibarium, celebrated new milestones such as focusing on supporting cancer warriors and engaging the community through rewards and burns.
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EXPLORE: BakerySwap PUMP Raises $280M in Biggest-Ever Meme Coin Presale – Could New Dogecoin Be Next?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
