FACT: Will Shiba Inu Coin reach $1 during the next Bullrun?

Shiba Inu Coin: Price Predictions and Analysis

The demand for affordable cryptocurrencies remains strong within the crypto community. However, it's crucial to assess the feasibility of cryptocurrencies reaching specific price targets.

Shiba Inu Coin Overview

Shiba Inu is a popular Ethereum-based altcoin featuring the Shiba Inu dog as its mascot. Dubbed the "Dogecoin killer" by its supporters (the SHIBArmy), it's often seen as a Dogecoin alternative.

On October 29, 2021, Shiba Inu's price surged over tenfold, driving its market capitalization to $41 billion. Despite a subsequent decline, Shiba Inu remains among the top ten meme cryptocurrencies.

Hosted on the Ethereum blockchain, Shiba Inu is an ERC-20 token. Its founder, Ryoshi, chose Ethereum for its security, reliability, and decentralized nature.

Current Shiba Inu Price and Value

Shiba Inu's price fluctuates based on supply and demand, with slight variations across exchanges. As of writing, its price stands at approximately $0.00001347.

Mining vs. Staking Shiba Inu

Previously, Ethereum's Proof-of-Work mechanism allowed for mining of Shiba Inu. However, Ethereum's transition to Proof-of-Stake eliminates this option. Instead, stakeholders can participate in verifying transactions and earn rewards.

Buying Shiba Inu on Coinbase

Bitget offers Shiba Inu for trading. By creating an account, you can purchase or deposit SHIB tokens into your account.

Shiba Inu Price Trend and Predictions

Analyzing Shiba Inu's price chart reveals two phases: a downtrend followed by consolidation. Currently, prices remain uncertain, fluctuating within a range.

The upper and lower trendlines of the consolidation are approximately $0.000018 and $0.000008, respectively. Shiba Inu is expected to move towards the upper trendline, but bearish sentiment in the crypto market may result in further price declines.

Shiba Inu Price Targets

Should Shiba Inu cross the $0.000018 threshold, a market rally could ensue. In such a scenario, potential price targets include:

• $0.000021
• $0.000025
• $0.000030

These targets may require at least two months to materialize as Shiba Inu may continue its downward trend in the short term. Therefore, opening long positions in SHIB may carry risks.

Shiba Inu's $1 Price Goal: A Distant Possibility

Reaching $1 per Shiba Inu coin would require a market capitalization of approximately $550 trillion, which exceeds the total US budget for 2022. Given the current market conditions, it's highly unlikely that Shiba Inu will reach such a valuation.

1 Cent Target: Also Implausible

For Shiba Inu to reach 1 cent, its market capitalization would need to approach $5.5 trillion, nearly equivalent to the US budget for 2022. This scenario is also extremely improbable.