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The cryptocurrency market is undergoing a significant correction. The global market cap has fallen 5.3% in the last 24 hours to $2.07 trillion.
Shiba Inu (SHIB), one of the most popular cryptocurrencies, follows the market trend, dipping 3.9% in the daily charts, 6.9% in the weekly charts, and 4.2% in the 14-day charts. Despite the recent correction, the dog-themed crypto has risen by 11.6% over the last month.
Also Read: Top 3 Cryptocurrencies To Buy During The Market Dip
Analyst Predictions, Market Trends, And Future Strategies
Analyst Predicts SHIB To Hit $0.00014
According to crypto analyst Zach Humphries, Shiba Inu (SHIB) could rally 10X (1000%) and hit a new all-time high of $0.00014 this cycle.
Also Read: Can Dogecoin (DOGE) Rise To $1 in 2024?
Despite his bullish outlook, Humphries urges investors to be realistic. He notes that SHIB, an ERC-20 token, will not display the desired results until Ethereum (ETH) makes a move. He also highlights that SHIB is now a multi-billion dollar project, and million percent rallies will likely not happen within weeks or months.
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Humphries notes that SHIB still has a massive circulating supply of about 589 trillion tokens. This figure presents considerable challenges to SHIB’s ability to hit higher prices.
Humphries believes an automated burn mechanism will help push Shiba Inu’s (SHIB) price. He notes that SHIB investors and users have asked to decrease the project’s supply. Humphries has also called for the incentivization of Shibarium users.
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The SHIB team is reportedly working on a new burn mechanism, which is rumored to burn trillions of tokens yearly.
On the other hand, Shiba Inu’s (SHIB) lead developer, Shytoshi Kusama, also pointed out that burns alone will not push the asset’s price. Kusama says there needs to be an increase in adoption as well. If the project can drastically reduce its supply while increasing adoption, we may witness a 2021-like price surge for SHIB.
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