thecryptobasic.com
The Shiba Inu price slump has presented an opportunity for market participants to procure it at a discount amid the $1 million portfolio goal.
Cryptocurrency prices recently slumped to monthly lows, as Bitcoin (BTC) collapsed below the $65,000 price territory. One of the primary triggers of this market-wide turmoil is a hotter-than-expected U.S. inflation data, which caused a drop in the prices of risk assets, as investors exit markets.
Shiba Inu Trades at a Discount
With the crypto market heavily impacted, Shiba Inu has also faced a massive decline. However, market watchers see this downturn as an opportunity to procure assets at discounted prices in a buy-the-dip campaign.
Yesterday, Shiba Inu collapsed to a one-month low of $0.00002140 yesterday before staging a recovery from this level. Despite holding firm above the $0.000024 level, SHIB is still down 11% over the last 24 hours. Shiba Inu recorded a concerning 10% decline yesterday, marking its largest intraday decline this month.
Currently trading for $0.00002450, investors looking to procure Shiba Inu cheap have entered the market, amassing more tokens in anticipation of a price recovery toward the $0.00003 region.
The Prospect of a 1,000% Surge
Interestingly, some market participants have more substantial targets for SHIB, with a 1,000% increase envisioned by a handful of these investors. At its current position, Shiba Inu will clinch a high of $0.0002695 if it rallies by the projected 1,000% rate.
While this price represents an ambitious target, analysts from crypto analytics platforms like Changelly believe Shiba Inu could eventually hit the target. However, Changelly analysts do not expect SHIB to reach this level during this market cycle.
According to these analysts, the projected timeline for Shiba Inu to hit $0.0002695 is March 2030, six years from now. However, Telegaon holds a more bullish outlook, predicting Shiba Inu to reach an average price of $0.000289 in 2028, four years from now.
How Much Needed to Make $1M with Shiba Inu at $0.00025
With SHIB having a history of transforming modest investments to millions, the community remains confident that it could replicate this success. Some investors expect to join the millionaire club should Shiba Inu record the expected 1,000% upsurge.
Notably, at the $0.0002695 price, an investor would need to hold 3,710,575,139 (3.7 billion) SHIB tokens to sit on a $1 million investment. Interestingly, with Shiba Inu now down to $0.00002450, these 3.7 billion tokens are currently worth $90,909.
While the prospect of a $909K gain can be enticing, the possibility of SHIB hitting $0.0002695 remains contested despite the projected timeline from Changelly. As a result, investors should not consider these projections as investment advice.