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Shiba Inu: Boldest SHIB Price Prediction For 2024

Vignesh Karunanidhi
Vignesh Karunanidhi
January 4, 2024
With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward. Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks. Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch. Shiba Inu to $0.00001668? Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level. According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level. SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for. Cautionary SHIB Note Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend. At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span. There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist. To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.

The cryptocurrency markets have kicked off 2024 on a positive note, with Bitcoin reclaiming the symbolic $45,000 level and other altcoins like Shiba Inu (SHIB) also seeing renewed buying interest.

SHIB has ridden the wave of market momentum, hitting $0.00001064, according to the latest data from CoinMarketCap.

While SHIB’s move partly reflects improved investor enthusiasm to start the new year, a series of lofty analyst projections for 2024 has added further fuel to the speculative rally. However, how realistic are predictions of SHIB reaching $0.01 per token over the next 12 months?

Also read: Etherscan Acquires Solscan to Boost Blockchain Data Accessibility

Boldest Shiba Inu prediction for 2024

Bold forecasts of SHIB eventually deleting zeros to trade at $0.01 are nothing new, circulating since the peak “meme coin mania” of late 2020.

Yet despite failing to materialize so far and facing continued skepticism from some crypto analysts, the $0.01 price target yet again permeates Shiba Inu discussions to kick off 2024.

At the current $0.00001 level, SHIB would need to rise considerably to reach a penny per token. This may seem like an insurmountable increase for most assets, but parabolic moves have defined the young life of this meme coin thus far.

Also read: Shiba Inu: What Will You Do If SHIB Reaches $0.01?

Nonetheless, the core argument that SHIB’s massive circulating supply of 589 trillion tokens prevents it from reasonably attaining $0.01 retains validity. For SHIB to reach that price, its market capitalization would eclipse that of mega-caps like Bitcoin—an unlikely feat even in the world of crypto.

Shiba Inu hitting $0.01 seems like a far catch

Multiple catalysts, like expanding utility into gaming and the metaverse, as well as continued retail pile-in, could spark price spikes. Yet analysts advise keeping expectations measured when it comes to targets like $0.01 that breed more unrealism than insight.

As with most altcoins, Shiba Inu tends to take its biggest price cues from Bitcoin. So as long as the overall crypto sector retains positive momentum, SHIB could continue trending upward.

Also read: Shiba Inu: Who Owns The Highest Number of SHIB Coins?

However, in an asset class known for whipsawing violently, nothing is assured. Maintaining balanced risk management is critical, even amid the investor enthusiasm kicking off the new year.

Hoping for Shiba Inu to hit $0.01 strays too far down the rabbit hole of unrealistic expectations. This year promises twists and turns galore for the meme coin markets; buckling up remains advisable.

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