Shiba Inu (SHIB), the second largest meme coin by market capitalization, became a market sensation after its remarkable market actions in the 2021 bull season that saw it claim a $0.00008616 all-time high (ATH) and made many early SHIB investors accumulate massive profits.
After its daunting exploit in 2021, SHIB has struggled to replicate a similar trend that saw it attract a massive user base in 2021. However, it has shown signs of recovery this year, having broken through $0.00001, deleting a zero in the process, and currently trading at about $0.000025, according to renowned digital assets market tracker CoinGecko.
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Per the crypto assets tracking platform, the canine-themed coin appears to have stabilized around the $0.00002 price level, recording a 4% decline in its past 30 days’ statistics and registering minimum and maximum prices of $0.00002374 and $0.0000265, respectively, in its 7-days range index.
Related: Shiba Inu Price Prediction 2024 – 2040
Analyst Expresses 100% Optimism For SHIB Potential Ascent To $0.0001
Amid Shiba Inu’s price movement depicting a consolidation phase for the token, prominent crypto investor and market expert Armando Pantoja recently took to his verified X handle to express 100% confidence about SHIB’s potential to clinch a $0.0001 price status in one to two years from now. “I’m 100% sure we’ll see a $0.0001 $SHIB in the next 1-2 years,” the market analyst wrote on X.
In addition to projecting a possible SHIB price target, Pantoja highlighted three factors that could drive the meme coin price to higher levels. The market analyst first spotlighted retail hype, stating that the “Fear Of Missing Out” (FOMO) syndrome will attract many small-scale SHIB investors, leading to the token’s price appreciation.
In addition, the crypto expert mentioned market conditions, especially the after-effect of the 2024 Bitcoin halving event and the imminent altcoin season, as significant factors that could boost SHIB’s market value.
The last Shiba Inu driving force highlighted in Pantoja’s tweet was the coin’s correlation with Bitcoin, which according to him, would favor SHIB price ascent, considering the exaggerated and potent correlation existing between the two tokens.
I’m 100% sure we’ll see a $0.0001 $SHIB in the next 1-2 years.
1. Retail Hype: More retail investors and FOMO will drive SHIB’s price up.
2. Market Conditions: Altcoin season + ’24 #Bitcoin halving starts showing effect, it will boost #SHIBA
3. Correlation: Shiba has an… pic.twitter.com/SEl9LSYdOD
— Armando Pantoja (@_TallGuyTycoon) May 22, 2024
Implications Of SHIB At $0.0001 – 300% Rally Imminent
Shiba Inu at $0.0001 invariably spews a potential future positive market action for the coin, as it implies that the token would be deleting a zero in its selling price, which if actualized this year, as Pantoja had predicted, would become the second time SHIB is deleting a zero in 2024.
Meanwhile, Shiba Inu at $0.0001 from its current price standings would imply a price surge of about 300%, which is not far-fetched considering that SHIB appreciated by 196.87% in just the first quarter (Q1) of 2024.
Additionally, SHIB at $0.0001 would indicate a new ATH for the canine-themed crypto asset, mirroring a 16% increment from its current $0.00008616 price peak.
Finally, clinching a $0.0001 price mark would undoubtedly place Shiba Inu in a pole position to challenge Dogecoin (DOGE) as the king of the meme market with the highest market capitalization worth. Presently, DOGE has a 24.05 billion market capitalization worth relatively higher than that of SHIB at $15.03 billion.
While a significant price increment could be sufficient to drive Shiba Inu’s price into displacing Dogecoin as the largest meme coin, chances abound that DOGE could appreciate within the same time frame, making it unlikely for SHIB to oust the meme market ruler.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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