Shiba Inu May Be Able to Surpass its Old Highs in the Next Bull Run
2022-06-01 17:46:20
Are There Any Optimistic Predictions About Shiba Inu?
These days, Bitcoin appears to be regaining strength after a full nine weeks of decline. It is struggling to maintain the $30,000 price support, which is an important psychological level. If it succeeds and goes further, this event could trigger a short altseason, which would give some vitality to the whole altcoins sector. In any case, the innovation in the cryptocurrency sector continues to grow and the competition is becoming more and more interesting considering the growing number of new projects that have been launched in the market.
In early 2021, when the bull market kicked in and investor interest in meme coins shot up, investors’ interest towards Shiba Inu increased massively. When FOMO (Fear Of Missing Out) kicked in, Shiba Inu was one of the best trading cryptocurrencies by being up by millions of percentages. By November 2021, Shiba was up by 48,000,000% from its 2020 launch price. The market turned bearish in Q1 of 2022, causing altcoins, especially meme coins like Shiba Inu, to lose a lot of ground. According to the crypto exchange Gate.io, SHIB is trading around $0.0000118203, which is 20% up in the last five days. The price is still far away from its all-time high of $0.00008616 (in October 2021) so the next few months will be crucial for the coin's future.
These days, Bitcoin appears to be regaining strength after a full nine weeks of decline. It is struggling to maintain the $30,000 price support, which is an important psychological level. If it succeeds and goes further, this event could trigger a short altseason, which would give some vitality to the whole altcoins sector. In any case, the innovation in the cryptocurrency sector continues to grow and the competition is becoming more and more interesting considering the growing number of new projects that have been launched in the market.
In early 2021, when the bull market kicked in and investor interest in meme coins shot up, investors’ interest towards Shiba Inu increased massively. When FOMO (Fear Of Missing Out) kicked in, Shiba Inu was one of the best trading cryptocurrencies by being up by millions of percentages. By November 2021, Shiba was up by 48,000,000% from its 2020 launch price. The market turned bearish in Q1 of 2022, causing altcoins, especially meme coins like Shiba Inu, to lose a lot of ground. According to the crypto exchange Gate.io, SHIB is trading around $0.0000118203, which is 20% up in the last five days. The price is still far away from its all-time high of $0.00008616 (in October 2021) so the next few months will be crucial for the coin's future.
How Much Could Shiba Inu Be Worth in 5 Years?
Since SHIB is a very young coin, we still don't have a large enough price history to be able to track precise levels. Because of this reason, most price predictions are based on its performance in 2021. However, to have an idea where Shiba Inu can go in the future, we need to have a clear understanding of the factors that impact its price. One of the most critical factors influencing the price of SHIB is Bitcoin. All the altcoins tend to move in tandem with the price of Bitcoin. When Bitcoin rallies, it takes the majority of coins with it making them to rally too a few days later. Another factor that could influence the price of SHIB are developments within its ecosystem. In April 2022, the team launched a SHIB Metaverse and a layer-2 solution, which should have a positive impact on the price in the future, because it will bring along more use cases and therefore greater adoption of the coin. The so-called ‘Shib Army’ is very excited about these developments and has welcomed the new products with a lot of enthusiasm. Finally, the strong Shiba Inu community can be the third factor that could influence the price in the future, because, as we know, meme coins are highly influenced by the sentiment of their community. Based on some predictions, the Shiba Inu’s price forecast for 2027 is $0.000121, which is around +860% compared to the current price.How Realistic Is This High Target Price Prediction?
Price predictions are never 100% reliable, because the market is influenced by different events and can be unpredictable. However, we also know that sometimes cryptocurrencies are able to perform even +1,000% from their lows. SHIB ‘only’ needs to increase by 600% in order to reach its all-time high, which is why the price prediction is not to be considered an impossible goal to achieve. Surely, community hype alone is not enough to push the price up, but if that is combined with real tech development, then SHIB could do it. Real use cases could convince more and more crypto users to buy Shiba Inu coin.Popular News
