Unraveling the journey of Shiba Inu: Can SHIB reach $1?

As of the time of this analysis, Shiba Inu (SHIB) is trading at $0.0000069. The price reflects a prolonged consolidation phase, with support at $0.000006 and resistance at $0.000011. Additionally, SHIB’s current price is trailing below the 50-day Exponential Moving Average (EMA), indicating a short-term bearish sentiment. The Relative Strength Index (RSI) hovers around 40, suggesting a neutral market sentiment.

This consolidation phase was initiated in June 2022 and has endured over an extended period. The most noteworthy surge occurred in the first week of August 2023, after which the price primarily oscillated within a predefined range.

shiba inu price chart

The Future of Shiba Inu (SHIB)

Analysts and experts emphasize that the mass adoption of Shiba Inu could be a pivotal determinant of its future. The inclusion of SHIB on BitTrade signifies a significant stride towards broader adoption. As more investors and traders gain access to SHIB, the demand is expected to rise, potentially catalyzing an increase in its market value.

The question of whether Shiba Inu will attain $1 remains a point of speculation. SHIB price prediction for the coming years suggests a wide range of potential outcomes:

  • In 2023, the Shiba Iun token’s value might fluctuate between $0.0000091 and $0.0000220.
  • Gazing into 2025, the expectations span from a potential lowest price of $0.0000227 to a potential highest price of $0.0000326.
  • Taking a long-term perspective, in 2030, the SHIB cryptocurrency could potentially reach a peak of $0.0001204, with a low point of around $0.0000836. These predictions underscore the potential for both volatility and growth within the Shiba Inu market, mirroring the speculative nature of cryptocurrency investments.

Factors Influencing Shiba Inu’s Trajectory

Observers are closely monitoring SHIB’s price developments, anticipating potential catalysts capable of breaking the ongoing consolidation pattern. The question of whether Shiba Inu will ever reach $1 remains subject to several factors. Explore below for the latest insights into Shiba Inu’s journey.

Shibarium’s Evolution

Shiba Inu’s layer 2 blockchain, Shibarium, embarked on its journey on August 16, 2023, encountering initial challenges but eventually going live on August 28. In just two months, it has witnessed thriving user activity, hosting 1.08 million blocks, 3.4 million transactions, and a remarkable 44.96% increase in active accounts. 

Shibarium boasts 26,920 registered accounts, reflecting a staggering 190% growth in new accounts. Daily transactions have surged to 10,500, with peak numbers exceeding 200,000. Wallet interactions have exceeded 1.25 million addresses. SHIB currently trades at $0.0000069, with a promising price outlook of $0.0000220.

Influence of Bitcoin ETF Whispers

Bitcoin often assumes the role of a market trendsetter, and recent rumors regarding the potential approval of Bitcoin ETFs have sent ripples through the crypto space. 

Investors hold optimistic expectations that ETFs could pave the way for broader institutional engagement in the crypto markets, benefiting not only Bitcoin but also altcoins like SHIB.

Adoption on BitTrade

A significant development contributing to SHIB’s recent price action is the news that the Japanese cryptocurrency exchange BitTrade plans to embrace two of the largest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB). 

BitTrade conveyed this exciting update via their Twitter, announcing their intent to permit deposits and withdrawals of both DOGE and SHIB. This feature is scheduled to go live on October 18th, significantly expanding BitTrade’s supported assets to 34. 

BitTrade has been a prominent player in the Japanese crypto landscape since its establishment in 2016 and has operated as a financial instruments business operator since its acquisition by Huobi in 2018.

Influence of Large Investors and Token Burning

Large investors have significantly extended their sway over Shiba Inu (SHIB), now commanding a substantial 78% of its circulating supply. Data from IntoTheBlock reveals that a significant 91% of SHIB investors find themselves in a loss position, up from 89% just a month ago. The growing number of long-term holders, with 70% having held SHIB for over a year and an escalating concentration of whales, have reshaped the ownership landscape of SHIB.

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Shiba Inu (SHIB) recently witnessed an impressive 250% surge in its token-burning rate, as approximately 53 million SHIB tokens were sent to an inaccessible address. This move is part of the ongoing effort to reduce SHIB’s total circulating supply.

Conclusion

The future of Shiba Inu (SHIB) remains uncertain, even within the crypto community. Will Shiba Inu rise? As discussed earlier, SHIB’s future price trends suggest a wide spectrum of possibilities. Nevertheless, it is essential to stress that predicting precisely when SHIB will reach $1 remains an exceedingly challenging task.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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