The Shiba Inu community has several benchmark standards set for the price of SHIB. Over the short-term, they celebrate whenever a ‘zero’ from the price gets deleted. While over the mid-and long term, the have the 1 cent and 1 dollar dream.
Shiba Inu created its ATH on October 28, 2021. At that time, it successfully went on to clinch $0.00008845. At press time on Friday, June 2, SHIB was trading with an extra zero, at $0.00000848. The same marks a 90% decline from its peak.
Shiba Inu and its $1 quest
For Shiba Inu to attain the $1 benchmark, it will have to initiate a whopping 11,792,353% rise. The crypto market is currently in a rut. The price of most assets, including Shiba Inu, has been stagnant. Over the past day, SHIB has risen by a mere 0.59%, while on the weekly, it is down by around 0.1%. In fact, at press time, it was consolidating below all its EMAs.
Reaching $1 at this stage seems to be quite unrealistic. In fact, attaining $0.01 also seems to be quite far-fetched at the moment, for SHIB will have to incline by around 117,825%.
Reaching such milestones will require substantial growth and significant time. Parallelly, various factors like the market conditions, adoption, investor sentiment, overall demand, and utility of the token will also play key roles in determining the same.
It’s a known fact that markets are highly volatile, and sudden price movements take traders and investors aback. Crypto prices, especially that of meme coins, usually experience rapid fluctuations, making it uncertain to determine how much time will it take to attain milestones. Thus, it’s recommended to approach investments like SHIB with caution. As always, DYOR before making any investment decisions.