After Shibarium Upgrade: Will Shiba Inu hit $1?

With the Shibarium launch on the horizon, Shiba Inu (SHIB) is precariously close to its 200-Day MA. Will SHIB soar above it or fizzle out? Analysts are confident that SHIB is poised to reach $1 and beyond, given its strong market sentiment seen earlier in January 2023. SHIB touched a high of 0.0000151 USD and made significant advances as the Shibarium launch neared. 

Anxiety is palpable in the market as SHIB faces its defining moment, testing whether or not it will be able to hold above its 200-day moving average. Will Shibarium’s introduction breathe new life into this struggling rally? 

Meanwhile, SHIB price action in the last quarter of 2022 saw the meme token surge continuously, from a low of $0.000007914  to a high of $0.00001551. Cryptocurrency markets have been showing a positive trend since the beginning of 2023, with global market capitalization spiking to an impressive 8.5%, reaching $1.17 trillion in just 24 hours.

Can SHIB hit $1?

Shiba Inu’s price is mainly driven by hype spread through social media. As a result, swift drops in value are as frequent as bull runs. Meanwhile, whale activity has increased significantly, with SHIB topping the list of the top 100 most traded tokens. Keep reading to figure out why most believed that SHIB can hit $1 and the implications for you as a crypto investor.

Shiba Inu Price History

Shiba Inu was created in August 2020 by an anonymous ‘Ryoshi’ and started as a joke. Data from Coinmarketcap show the coin first listed at $0.000000000145.Shiba Inu has since had two notable pumps characterized by high trading volumes. The first happened on 4 May 2021. Shiba Inu surged by over 1000%. 

As soon as the 50% SHIB coins were minted, the supply was locked into a SHIB/ETH liquidity pool on Uniswap. The other 50% was sent to Vitalik Buterin, Ethereum‘s founder, in three successive transactions. 

Even at this price, Shiba Inu would have made the early bulk buyers crypto millionaires. The second pump started on 3 October 2021. Major endorsements fueled the pump from big celebrities like Elon Musk. Shiba Inu would reach its all-time high of $0.00008845 on 28 October 2021.

The pump would have Shiba Inu dubbed the ‘Dogecoin Killer’ after it almost toppled Doge as the top meme coin by market capitalization. Shiba Inu today boasts a return on investment of  653,481%.

Shiba Inu’s price has fluctuated a lot from 2020 until now. The fluctuations over time as shown below.

Screenshot 2548
Source: Statista

Today’s SHIB price is US$0.00001357, with a 24-hour trading volume of $504.74 M. SHIB is +0.31% in the last 24 hours. It is currently -2.87% from its 7-day all-time high of $0.00001398, and 12.97% from its 7-day all-time low of $0.00001202. SHIB has a circulating supply of 549,063.28 B SHIB.

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Shiba Inu Coin Price Update

Today, WhaleStats took to Twitter to announce the results of their analysis on the transactions of Ethereum’s 500 biggest whales – and Shiba Inu (SHIB) has reclaimed its place among the top 10 tokens purchased in the last 24 hours! The whale monitoring platform tracked each purchase made by these influential crypto holders with remarkable accuracy.

Shiba Inu is trading at $0.00001305, following a minor pullback from the recent gains. Last week, Shiba Inu predicted a retracement pattern after pricing hit an impasse at $0.00001500. Now it seems that we are staring down the barrel of a critical collision course between price levels and the climbing 200-day Moving Average.

Shiba Inu’s price is standing strong at $0.00001266, lodged between the 8-day exponential moving average and 21-day simple moving average. This type of consolidation could be a sign for traders to get ready for potentially volatile movements that can arise from this point where both indicators cross paths. 

Shiba Inu Price Prediction by Market Experts

Despite SHIB’s current setbacks, Shiba Inu price predictions remain optimistic, with most models indicating that the token could reach a high of $1.SHIB has been on an incredible ride this year, starting at a price of $0.00000806 and, since then, increasing by 54%. The SHIB burn rate has also seen a significant increase, clocking in at over 400% since the beginning of the year. The social activity surrounding the launch of the Shibarium platform is likely to have a positive impact on SHIB’s price.

Daily Crypto New, a youtube based predictions channel, has given the underlying factors of SHIB and other altcoins a once-over. According to their analysis, Elon Musk’s hype machine has given SHIB a significant boost in recent weeks, with SHIB quickly becoming the talk of the town. 

The Daily Crypto News channel also predicted that if SHIB breaks out from its current levels, it could easily reach $1 – and possibly beyond. 

According to the Cryptopolitan forecast for 2023, Shiba Inu’s price is expected to trade at a minimum price of $0.00001195 and an average value of $0.00001238.Shiba Inu token is expected to surge after the Shibarium upgrade and touch the maximum price of $0.00001422 by the end of 2023.

What needs to happen for SHIB to hit $1?

If the bear market of 2022 ends by the start of 2023, then the SHIB coin is expected to have a good start. After studying the chart patterns of the Shiba Inu coin, analysts suggest that the maximum price will be around $0.00002271. The minimum and average trading prices will be $0.00001959 and $0.00002014, respectively, in 2023. The crypto winter is nowhere near its end.

The SHIB chart appears to be at a critical moment, as its indicators are showing varied signals. The 30-day moving average (red) recently halted after surpassing the 200-day (blue), making it vulnerable if today’s selling activity continues.  In this case, a pullback to the long-term average makes sense. 

At the same time, however, if SHIB manages to break above $0.00015 and stay there, then it may be able to reach a high of $0.0020 – and possibly even beyond. Recently, the SHIB’s Relative Strength Index (RSI) has decreased to fifty. If the support level of $0.000012 is broken through, there may be a further dip in value; however, it could also remain steady if that isn’t breached.

Nevertheless, numerous cryptocurrency analysts and SHIB supporters are positive that the altcoin‘s short-term losses will be insignificant in comparison to its predicted tremendous gains this year. It seems likely that the altcoin will recover quickly enough and continue on its growth trajectory.

SHIB community anticipates a price pump of around 800,000% to attain a time of $1.0.Comparatively, SHIB has skyrocketed by an immense 20 million percent since its all-time low of $0.000000000056366 in November 2020. In spite of this significant progression, there is still potential for even more incredible gains throughout 2021.

As the Shibarium side-chain nears its launch, it is anticipated that SHIB tokens will experience a significant increase in value. The network’s development team revealed on January 15th that the beta version of their layer-two platform is about to be released and available for public use shortly after. With this launch around the corner, individuals can expect an influx of gains from SHIB tokens in no time.

With the launch of Shibarium, Shiba Inu has transformed from a meme token to an innovative platform that provides significant value and utility to its users. The anticipation for SHIB: The Metaverse is rising as its grand release later this year draws ever closer.

Bottomline – Shiba Inu Potential

The potential of Shiba Inu is evident, and SHIB appears to be following suit. The coin is forecasted to reach the $0.000016 mark in the near future before it could soar even higher above $0.00002 by year-end.

At its current rate of only $0.000009 per token, Shiba Inu has an overwhelming overall market cap of $5.4 billion; however, if SHIB were to reach the lofty goal of a price point of one dollar, it would expand its massive 589 trillion supply figure to a towering total valuation equaling an extraordinary $589 trillion—far exceeding any other asset on Earth. While this is certainly ambitious and perhaps too far-fetched for reality, anything can happen in today’s dynamic crypto markets.

Fundamental developments have been driving the price of the SHIB token’s astronomical growth over the last few days. For instance, the price of the Shiba Inu (SHIB) token jumped by a remarkable 20% when it was listed on Upbit against Korean Won (KRW). This momentous achievement for SHIB marks its debut on the global platform. As more and more exchanges provide access to SHIB trading options, investors from all corners of the world are beginning to see this coin as an increasingly attractive investment opportunity.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Micah Abiodun

Micah is a crypto enthusiast with a strong understanding of the crypto industry and its potential for shaping the future. A result-driven Chemical Engineer (with a specialization in the field of process engineering and piping design), Micah visualizes and articulates the intricate details of blockchain ecosystems. In his free time, he explores various interests, including sports and music.

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