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Shiba Inu: How Much SHIB is Needed To Make $1 Million at $0.05?

Paigambar Mohan Raj
Paigambar Mohan Raj
March 21, 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.

Shiba Inu (SHIB) is showing recovery signs after facing a significant correction over the last week. The asset has rallied 9.5% in the daily charts and is up 172.1% over the previous month. Moreover, SHIB’s price has risen by 152.7% since March 2023. Nonetheless, the asset is still down by 20.8% in the weekly charts and 10.4% in the 14-day charts. Moreover, SHIB is down by 69% from its all-time high of $0.00008616, which it attained in October 2021.

Source: CoinGecko

Also Read: Shiba Inu: Can $1000 Investment in 2024 Make $1 Million in 2030?

The recent market rebound could be due to the Federal Reserve keeping interest rates unchanged despite inflation rising in February. However, SHIB fans and investors still pursue higher prices for the popular dog-themed cryptocurrency.

How much Shiba Inu (SHIB) do you need to be a millionaire if it hits $0.05?

shiba inu space eclipse moon
Source: Unsplash

To have one million dollars worth of Shiba Inu (SHIB) at $0.05 per coin, you will need 20,000,000 (20 million) tokens. The price of 20 million SHIB right now is about $535. If SHIB reaches $0.05, the portfolio’s value will rise by about 186816%.

However, the journey to $0.05 is no easy task. According to Changelly, Shiba Inu (SHIB) won’t breach the $0.05 level before 2050, more than 26 years from now. The platform anticipates SHIB to hit a maximum price of $0.0301 by 2050.

Also Read: Shiba Inu (SHIB) To Rally 650% to $0.00015: Predicts Analyst

Telegaon, on the other hand, is more bullish on SHIB. The platform predicts SHIB to hit $0.05 sometime between 2035 and 2040, about 11 to 16 years from now.

Nonetheless, there is a possibility that SHIB will hit the $0.05 target much sooner than predicted. SHIB’s massive supply is one of the most significant barriers to its price. However, the SHIB team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can drastically reduce the asset’s supply, we may hit the $0.05 target much sooner than predicted.

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