Despite witnessing recent price increases and moving forward with ongoing developmental projects in its ecosystem, cryptocurrency analyst Zack Humphries has declared that SHIB, the native token of the Shiba Inu ecosystem, will not “reach $1 anytime soon.”
Why Shiba Inu Will Not Hit $1
In a recent YouTube video, Humphries provided a compelling reason for why he believes that the price of SHIB will not reach the $1 milestone in the near future. The crypto analyst’s controversial statement is rooted in the belief that SHIB hitting $1, would position it as the most valuable cryptocurrency asset and the largest company by market capitalization.
Adding weight to his argument, Humphries pointed out the unparalleled value of Bitcoin in the digital asset market and the dominance of Apple Inc. as the world’s largest company by market capitalization. These formidable benchmarks make SHIB’s ascent to $1 an almost impossible task, as it would have to surpass not only Bitcoin in the cryptocurrency landscape but also compete with established tech giants like Apple.
Humphries has labelled any predictions and expectations of SHIB surging to $1 in 2024 as “garbage.” At the time of writing, the cryptocurrency is trading at a price of $0.0000098, reflecting a 5.64% increase in the past seven days, according to CoinMarketCap.
The highest price Shiba Inu has been able to achieve since its inception is $0.000086 in October 2021. Following this all-time high, the cryptocurrency has struggled to achieve a significant price increase despite its rapidly developing ecosystem.
SHIB’s Recent Price Performance
Lately, Shiba Inu has been witnessing steady gains, capturing the attention of major long-term holder investors. A massive shift in whale movements was recorded in the last few days, with over 2,500% surge in large holder inflows.
Additionally, in the past week, Shiba Inu has displayed strong signs of a bullish recovery, which could see the cryptocurrency rallying by a staggering 73% and achieving new price highs. On February 16, SHIB erased a zero from its price and began trading at 0.00001.
This uptick came as Bitcoin successfully crossed the $50,000 price mark on Monday, February 12. At the time of writing, the cryptocurrency is trading at $52,230, according to CoinMarketCap.
While the prospects of Shiba Inu reaching the $1 price mark may appear distant, the cryptocurrency is still gaining steady momentum as more SHIB burns take place and new innovative projects are introduced into the ecosystem.
In January alone, the Shiba Inu team recorded an impressive 9.35 billion SHIB burns. Moreover, with the imminent launch of the automated SHIB burn mechanism, additional token burns are anticipated. This could present an effective strategy to diminish the token’s circulating supply and enhance its value through increased scarcity.
SHIB price struggles to keep up with the market | Source: SHIBUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
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Source: https://www.newsbtc.com/shiba-inu/shiba-inu-price-never-reach-1/