The price of the Shiba Inu and its direction have long been a point of contention among analysts. While some believe the meme coin will struggle for the foreseeable future, others expect the coin to resume its rally and actually reach new all-time highs. A new report from Forbes falls into the latter category, predicting a massive surge in prices to new highs.
Shiba Inu Price Hits New ATH
In the Forbes report, the Shiba Inu coin was praised for its development and growing utility, propelling it to become the 13th largest cryptocurrency in the space. However, over the past few years, despite Bitcoin’s record highs, the price has struggled and failed to regain its all-time high of $0.00008.
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The report points out some predictions while tracking the performance of the Shiba Inu over the years. One prediction worth noting is that of Utkarsh Tiwari, chief strategist at KoinBX. Tiwari predicts that SHIB’s price could rise more than 100% from current levels to over $0.00003. The strategist believes this could happen around the end of 2024.
However, for Forbes, a more realistic price point for meme coins is set at $0.0001 to $0.0003. This deviates from Tiwari’s 2024 cap of $0.000396, as it is a reasonable distance from the current SHIB price of $0.000016.
Tiwari forecasts, over longer time horizon Shiba Inu Price By 2025, under favorable market conditions, its price could reach as high as $0.0000456. However, the report points to “technological advancements and regulatory updates” predicting prices to reach as high as $0.00007488 in 2025.
Pressure on SHIB is easing
Meme coins continue to struggle in the market amid high hopes for the Shiba Inu price. The market sell-off last week affected the price, sending it lower to retest the support at $0.000016. Although the support level remains, it shows how much pressure the bears are exerting on the price.
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In terms of trading volume, the SHIB token is still struggling, with CoinMarketCap data showing a 22% drop in the past 24 hours alone. However, this could be a good thing for meme coins as it could mean sellers have lost momentum, which could lead to another price increase.
Currently, bulls continue to hold Shiba Inu prices above $0.000016 as inflation data comes in below expectations of 3%.
Featured image created using Dall.E, chart from Tradingview.com
