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Shiba Inu (SHIB) is down by nearly 71% from its all-time high of $0.00008616, which it attained in October 2021. Moreover, the asset has faced a significant correction in the last 24 hours. Despite being up 14.3% in the weekly chart, SHIB’s price has fallen 7.6% in the daily chart, 9.3% in the 14-day chart, and 13.8% over the previous month.
However, despite the recent plummet, Shiba Inu (SHIB) may soon hit a new all-time high. According to CoinCodex, SHIB could surge to $0.00008813 on May 23, 2024. Reaching $0.00008813 from current levels would translate to a growth of about 251%.
Also Read: Shiba Inu Q2 2024 Outlook: Maximum Gains or Market Volatility?
Changelly also paints a bullish picture for SHIB over the next few weeks. The platform anticipates SHIB to hit $0.00008739 on May 22, 2024.
Can Shiba Inu (SHIB) delete a zero this cycle?
If SHIB can maintain its price at $0.00008, there is a possibility that the asset will delete a zero after the decimal point. Reaching $0.0001 would translate to a growth of about 298%.
Changelly, however, does not expect Shiba Inu (SHIB) to reach $0.0001 anytime before 2027. The platform predicts the dog-themed crypto will hit a maximum price of $0.0001049895 in 2027.
Also Read: Shiba Inu: Whale Wallet Moves 3 Trillion SHIB Tokens, Here is Why
One of the most significant barriers to SHIB’s price is its massive circulating supply. The project currently has about 589 trillion tokens in circulation. If the price of each coin goes very high, the project’s market cap will reach an unrealistically large figure. Hence, the project needs to reduce its supply, before aiming for higher prices.
The SHIB team has said that they are working on a new burn mechanism, rumored to burn trillions of tokens yearly. If successful, the asset may hit $0.0001 much sooner than predicted.
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