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Shiba Inu investors looking to secure $1 million, $5 million or even $10 million with modest investments would need to wait for astronomical price gains toward $0.01.
Shiba Inu has been struggling recently, giving up the $0.00002 price territory amid a broader market collapse. Currently, the token is battling to stay above $0.000018 after also losing its grip on the $0.000019 mark.
Opportunity in a Downtrend
Despite this downward trend, market watchers remain optimistic about SHIB’s prospects. They cite the token’s Relative Strength Index (RSI) and Commodity Channel Index (CCI) being in oversold regions, the lowest levels seen this year. Analysts believe that the oversold RSI and CCI levels indicate a potential for reversal.
This downturn has led many investors to see Shiba Inu’s lower prices as an opportunity to buy the token at a discount. Consequently, whales, sharks, and small addresses have been accumulating massive amounts of Shiba Inu. The ongoing accumulation by various investor profiles suggests confidence in Shiba Inu’s future.
Notably, data sourced by market behavior resource Santiment confirms that, as a result of this accumulation trend, small investors holding between 10,000 and 1,000,000 SHIB have continued to increase their balances, with whales holding at least 1 billion tokens joining in the buying spree.
When Can 100M Shiba Inu Yield $1M, $5M and $10M?
As speculation on potential returns mounts, The Crypto Basic recently assessed how much Shiba Inu needs to rally for investors holding modest investments amounting to 100 million tokens to clinch the millionaire status.
At the current price of $0.00001799, these 100 million tokens are worth $1,799. To reach a valuation of $1 million, the price per token would need to rise significantly toward $0.01. Shiba Inu marketer Lucie noted in April that she is confident SHIB would hit $0.01 someday.
For the 100 million Shiba Inu tokens to be valued at $5 million, each token must reach $0.05. This price level is much higher than the current trading price. Interestingly, earlier this month, Jason Williams, a Bitcoin Pundit, projected SHIB to reach the $0.05 price level. Yazan, an on-chain analyst, also made a similar projection in May.
The most ambitious target for 100 million Shiba Inu tokens to be worth $10 million would require the SHIB to reach $0.10, representing a 555,746% increase from the current price. While Google Bard failed to give a specific timeline for SHIB to hit $0.10 when queried, ChatGPT presented 2029.
Achieving this price would require substantial gains. The path to any of these targets represents a significant leap from the current price. However, given the volatile nature of cryptocurrencies, there remains speculation on the possibilities. As a result, investors should not consider this assessment investment advice.