Shiba Inu Predicted To Skyrocket 10,000% In 10 Years

SHIB token, a memecoin that experienced an increase. (Photo; Doc. Wccftech).

JAKARTA - Shiba Inu (SHIB) is one of the altcoins that caught the attention of the crypto market in 2023. This Shiba Inu breed-inspired token has managed to rise nearly 60% since the beginning of the year, thanks to the latest increase in the crypto market. However, can SHIB continue its positive trend and achieve a fantastic target price, which is US$0.001?

SHIB Strengthens

SHIB is a token created as a parody of Dogecoin (DOGE), altcoin which is also dog-based. SHIB was launched in August 2020 by an anonymous developer who goes by the pseudonym Ryoshi. SHIB is part of the Shiba Inu ecosystem, which also includes other tokens such as LEASH and BONE, as well as a decentralized exchange platform (DEX) called ShibaSwap.

SHIB experienced a tremendous price spike in 2021, when the token rose by more than 43 million percent in less than a year. This spike was triggered by various factors, such as support from well-known figures such as Elon Musk and Vitalik Buterin, increased demand from retail investors, as well as additional SHIB on several major crypto exchanges such as Binance, Coinbase, and FTX.

However, after hitting an all-time high of $0.0000388 in May 2021, SHIB experienced a sharp correction and fell to 88% from that level. SHIB was below the $0.00001 level for several months, as the overall crypto market weakened.

Recently, SHIB began showing signs of recovery, in line with the rise in the crypto market led by Bitcoin (BTC) and Ethereum (ETH). SHIB managed to rise nearly 60% since early 2023, and reached its highest value of $0.00000004 on February 16, 2024, the highest value in more than a month.

Despite facing strong resistance at this price level and then dropping below the US$0.00001 price region, SHIB is still up about 11% from a low of US$0.00000878 recorded earlier this month. Currently, SHIB is trading around US$0.00095, with a market cap of around US$5.6 billion (IDR 80.6 trillion).

SHIB Potentially Up 10,000% In 10 Years

With this latest increase, some analysts and SHIB fans are starting to make optimistic price projections for these tokens. One of the most ambitious pricing targets is US$0.001, which is an increase of 10.13% from the current SHIB price. If this target is achieved, then the SHIB value will be equivalent to the current DOGE value.

However, this price target is not an easy thing to achieve, given the huge supply of SHIB circulation, which is around 589 trillion tokens. If SHIB reaches 0.001 US dollars, then SHIB's market capitalization will reach 589 billion US dollars (Rp 8,467 trillion), which is bigger than today's ETH market capitalization.

To achieve this price target, SHIB requires tremendous growth, both in terms of demand and supply. In terms of demand, SHIB must be able to attract more investors, users, and developers, as well as increase adoption and integration with other platforms and services. In terms of supply, SHIB must be able to reduce the number of tokens in circulation, for example by burning or locking some tokens.