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This article highlights how Shiba Inu could record a jaw-dropping rally to $1.2.
The ongoing mild recovery across the broader market is reflected in Shiba Inu’s price, which has surged 6.56% in the daily chart. Amid the mild recovery, Shiba Inu surged above the $0.000015 territory in the late hours of yesterday.
Following its remarkable performance, several market watchers and analysts have issued favorable projections for the dog-themed token.
CoinW Predicts $SHIB Could Hit $1
As reported this week, leading crypto exchange CoinW hinted that $SHIB’s price could soar by a whopping 7,627,665% to $1. CoinW made this forecast alongside a series of other bold predictions, such as Bitcoin hitting $100,000 and Cardano (ADA) surging to $5.
As expected, CoinW’s prediction of Shiba Inu hitting $1 sent shockwaves into the crypto community due to the asset’s hefty circulating supply of 589.27 trillion tokens. Moreover, surging to $1 requires $SHIB to eliminate the four zeros after its decimal.
$SHIB Could Hit $1.2 If It Repeats Its 2020/2021 Success Story
Nonetheless, if the asset replicates its 2020/2021 success, Shiba Inu’s price could potentially increase beyond CoinW’s $1 projection to $1.2. It bears mentioning that Shiba Inu recorded an impressive growth of 76,000,000% between 2020 and 2021.
Shiba Inu, which launched in August 2020 as just another memecoin in the market, gained immense popularity a few months later. Its popularity surged tremendously after Ethereum founder Vitalik Buterin, who received 50% of $SHIB’s total supply from Shiba Inu founder Ryoshi, burned 410 trillion of these tokens and donated the remaining to charities. Also, several crypto exchanges, including Binance and Coinbase, listed $SHIB for trading.
These positive developments led to a massive rally for $SHIB, with the asset surging to an all-time high (ATH) of $0.00008845 in 2021. Popular blockchain analytics platform CoinGecko published a report in May 2024 highlighting how Shiba Inu turned a meager investment of $12 to $1 million between 2020 and 2021. This represents an ROI of 7,692,207%.
With $SHIB currently trading at $0.00001547, a hypothetical repetition of this 7,692,207 surge could take the asset’s price to $1.2. In this hypothetical scenario, investors holding 10 million $SHIB worth $154.7 today would see their investment rise to $12 million.
It is worth noting that this article is for informational purposes; hence, its content should not be taken as financial advice.