Shiba Inu outlook: SHIB setting up for parabolic move $0.0008 now in play

2d ago•

bullish:

bearish:

A recent Shiba Inu price prediction of $0.0008 appears like an overshoot, given that the meme coin has been unable to come anywhere close to its ATH of 0.000088 for nearly four years.

But crazy things happen in the meme coin circles, so let’s examine whether SHIB might be poised for a parabolic rally this year or if a newer altcoin may have what it takes instead.

Shiba Inu down over 84% from ATH

The Shiba Inu price hit an ATH of $0.000088 in 2021. Sadly, the 2022-2023 bear market crashed SHIB mercilessly, sending the meme coin price into the doldrums.

Even after a substantial recovery in the past two years, the meme coin remains over 84% down from its ATH!

Source: CoinMarketCap

Last year, SHIB tried to stage rallies from the $0.00001 zone, but the asset was met with crippling selloffs in the $0.000033-0.000045 region.

SHIB now trades with a 42% yearly loss as its market cap crumbled to $8.3 billion.

SHIB attempts another rally

An extended five-month crash tossed the SHIB price back to the $0.00001 support level during its recent dip.

Heavy buying pressure ensued, sending the SHIB price skyrocketing toward the $0.000017 level.

The SHIB price is now anticipated to enter an accumulation phase in the near term, but analysts forecast the meme coin could register a massive breakout, blowing past its local resistance zones to scale new heights.

Shiba Inu price prediction: can SHIB reach $0.00088?

To reach $0.00088 from current rates, SHIB requires a gigantic 6000% upsurge, pulling a 61x multiplier to push its market to half a trillion!

That’s not small potatoes! Even value-driven assets like ETH and XRP aren’t expected to breach that threshold soon.

Data-driven Shiba Inu price predictions from CoinCodex anticipate the meme coin to trade in a channel between $0.000014 and $0.000042 this year, pulling a handsome 200% yield from current rates.

Shiba Inu’s 589T supply remains its worst nightmare

SHIB’s gigantic supply remains its greatest obstacle and is the top reason cited by analysts why it may take decades for SHIB to hit $0.00088.

The SHIB community has resorted to burning tokens out of supply to enhance scarcity and potentially drive the token’s value up over time.

The SHIB burn rate has been rising lately, thanks to the introduction of Shibarium, a Layer 2 solution that automates token burns via transaction fees.

Over 410 trillion SHIB have been torched so far, but the network still remains with a mammoth 589T token supply!

SHIB whales are jumping ship

As new utility tokens like RTX storm the crypto market with better value propositions, meme coins like SHIB are likely to stay in limbo.

The Remittix protocol is anticipated to transform the massive $190 trillion cross-border payments sector with an innovative DeFi payment solution.

This Ethereum-based dApp features a cutting-edge crypto-to-fiat network that powers instant international money transfers at low fees, eliminating the 2-5 day delays and 5-10% fees that plague regular remittance services.