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An industry analyst tells Forbes that a six-fold return on investment in Shiba Inu remains an outlook for 2024.
In recent weeks, the price of Shiba Inu has been unimpressive as it struggles through the recovery phase from the recent collapse. Shiba Inu hovers around $0.00001409, increasing by 2% in the last 24 hours.
However, considering that SHIB collapsed to $0.00001087 last Monday, the meme coin has surged by 29.62% since then. While Shiba Inu’s recovery phase remains in progress, Forbes editors have sampled expert opinions on where the SHIB price could be headed in a less bearish market.
$0.0001 Possible for Shiba Inu This Year
When asked by Forbes, the chairman of the CIFDAQ Blockchain Ecosystem, Himanshu Maradiya, argued that Shiba Inu can attain the $0.0001 price region this year. For those investing in Shiba Inu today at its current value of $0.00001409, this amounts to approximately 610% return on investment.
However, Maradiya believes Shiba Inu could deliver more substantial returns by next year. In particular, the industry pundit highlighted that SHIB enthusiasts can hope for an upper target of $0.0003 by this year or, at most, 2025.
Notably, this price point would translate to a 20X return or a growth of 2,030% should Shiba Inu crack the unprecedented $0.0003 price point. Analysts in the crypto community share Maradiya’s perspective, believing it could make new history this year.
Other Outlooks for SHIB This Year
Meanwhile, Utkarsh Tiwari, an executive officer at the KoinBX exchange whom Forbes also interviewed, is less optimistic about Shiba Inu’s performance for the remainder of 2024.
Tiwari argued that widespread bullish sentiment could drive SHIB to $0.000066 by the end of this year. Yet, he noted that bearish momentum could potentially cause Shiba Inu to crack the five-zero threshold.
Well-known prediction outlet Telegaon shares this sentiment. Its analysts believe Shiba Inu may only hit a maximum of $0.0000601 this year.
Notably, Shiba Inu came close to this price channel in March when it had a value above $0.000045. However, Shiba Inu is now far away from the region, with its price at $0.00001409.
On the other hand, analysts at Changelly exchange highlighted that Shiba Inu may not surpass $0.0000187 this year.