Bitcoin’s (BTC) performance in 2024 has been stellar. Following the US Securities and Exchange Commission’s approval of 11 ETC ETFs, the first crypto reached a new high. BTC’s rise trickled down to the wider market and other assets reached new yearly highs. Shiba Inu (SHIB), according to one analyst, will be the price of Shiba if BTC reaches $777,000.
According to X users YazanBTC’s current value could rise to $777,00 in this cycle. This is a gain of approximately 1057%. Yazan believes that SHIB will reach $0.05 (5 cents) in such a scenario. This would be a 209,000% increase.
Also Read: Kabosu, The Shiba Inu Dog Behind DOGE and SHIB Passes Away
Shiba Inu fans (SHIBs) will likely be thrilled with such a prediction. However, this forecast has a major flaw, and that is the massive SHIB supply. Around 589 trillion SHIBs are currently in circulation. Suppose the project market cap reaches $1 billion if each token is priced at $0.05. This would be unrealistic, and even exceed the top tech companies such as Apple, Microsoft etc. Before aiming at such high prices, the project would need to reduce its supply drastically.
SHIB could eventually hit $0.05 but it’s unlikely that this will happen in the current cycle.
Shiba Inu can reach $0.05 when?
The following is a list of ChangellySHIB’s price will be $0.05 after 2050. This is over 26 years. Platform predicts SHIB will reach a price maximum of $0.03319668 by 2050.
Also Read: Shiba Inu: How High Can SHIB Go if Ethereum ETF is Approved?
TelegaonShiba inu (SHIB), on the other, has a bullish outlook. SHIB is predicted to reach $0.05 some time between 2035-2040 by the platform. Telegaon forecasts SHIB will reach a price maximum of $0.00216 by 2035, and $0.089 by 2040.
There is still a chance that SHIB could surpass the $0.05 threshold much earlier. SHIB is working on an alleged new mechanism to burn trillions in tokens every year. The team may be able to cause a spike in price if they can reduce SHIB’s supply.
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Source: watcher.guru