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Top Investor Says Shiba Inu Can Never Reach $1

Altcoins

thecryptobasic.com 13 September 2022 10:49, UTC
  
Reading time: ~2 m

Prominent investor Lark Davis has squashed the hopes of the SHIBArmy, recently noting that Shiba Inu can never reach $1.


Shiba Inu (SHIB) has stationed itself as one of the most notable assets in the crypto ecosystem, always fighting against the status of a meme coin. Despite being the 13th largest digital asset by market capitalization, Shiba’s value is far from the $1 mark. 

Nonetheless, some proponents of the asset still cling to the hope of a $1 price feat sometime in the future. Others have had a more gloomy outlook, stating that the asset cannot attain that value. Renowned crypto investor Lark Davis is the latest to make this proclamation.

Davis took to Twitter to illustrate his opinion on the asset’s price action through a meme. The illustration depicts the famous meme of an adventurer in an extensive search for “the scroll of truth.” According to Davis’ version of the meme, the scroll of truth reveals “SHIB Will Never Be $1.”

$shib pic.twitter.com/kKFKSx3J1T

— Lark Davis (@TheCryptoLark) September 13, 2022

The depiction that Davis shared in the early hours of Tuesday illustrates the accomplished crypto analyst’s opinion of the asset. This opinion has remained common amongst most proponents despite the SHIBArmy’s hopes.

Despite the bearish postulations, Shiba Inu has managed to stand its ground against the intense bear market. Following the plunge to $0.00001183 on September 7 – the asset’s lowest value this month – the asset rallied by over 16% in two days to a high of $0.00001379 on September 9.

Though Shiba’s rally met some rejections at the $0.00001380 zone, the asset comfortably trades above the $0.000012 level. Launched in August 2020, Shiba Inu secures a position on the top 15 crypto assets list due to its large supply. 

The total SHIB supply is 589.63 trillion, which may be the biggest hurdle for Shib’s price to reach $1.

However, With a market capitalization of $7B at the reporting time, SHIB remains the 13th largest cryptocurrency by market cap. It stands above prominent assets such as stablecoin Dai (DAI), Avalanche (AVAX), Tron (TRX), and Ethereum Classic (ETC).

The CoinMarketCap community has predicted a $0.00001106 price for Shiba by the end of 2022. The forecasted value is a 13% decline from the asset’s current price. Notwithstanding, the Shiba Inu accumulation trend has risen of late. On Monday, The Crypto Basic reported that the biggest Ethereum whale amassed up to 536B SHIB worth over $7M against the prevalent rate.

SHIB currently trades at a value of $0.00001276 as of press time, down 2.26% in the past 24 hours.


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