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HomeMarketsMarket AnalysisShiba Inu Surpassing $0.01 Is Unlikely, Analyst Reveals Reasons

Shiba Inu Surpassing $0.01 Is Unlikely, Analyst Reveals Reasons



Godfrey Mwirigi

Oscar Ramos doubts Shiba Inu (SHIB) will hit $0.01 in 20 years despite projections of gradual growth through 2050 from Telegaon.

Analyst Oscar Ramos recently took to social media to express his skepticism about Shiba Inu (SHIB) reaching $0.01 within the next 20 years, given the current supply dynamics. 

Ramos shared a detailed price analysis snapshot from Telegaon, revealing projections for SHIB’s price from 2024 to 2050. This illustrates a potential but challenging path to substantial price increases.

Projected Price Growth: 2024 to 2050

Ramos shared a snapshot from Telegaon that outlines SHIB’s price progression over several phases. According to data from Telegaon experts, from 2024 to 2027, SHIB is expected to experience initial growth, with minimum, average, and maximum prices gradually increasing. For instance, in 2024, the price range is projected between $0.0000421 and $0.0000601, while by 2027, it could rise to between $0.0000945 and $0.000198. This phase suggests a period of market stabilization and gradual appreciation.

The period from 2028 to 2030 indicates moderate growth, with average prices increasing from $0.000289 in 2028 to $0.000646 in 2030. By 2035, SHIB is projected to reach a notable milestone, with the maximum price potentially exceeding $0.002. This phase could be driven by increased adoption and market confidence.

From 2040 onwards, the projections indicate exponential growth. By 2040, SHIB’s average price might reach $0.076, and by 2050, it could surpass $1.00.

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In previous projections, top Bitcoin analysts Jason Williams and Yazan proposed a target of $0.05 for SHIB in this bull market. They predict that SHIB could reach this price if Bitcoin hits $250K to $777K. SHIB would need a 200,703% rally by 2025 to eliminate three zeros from its price. 

While some analysts, like Dona, Eunice Wong, and Bunchhieng, see SHIB’s price possibly reaching $0.000114 this cycle, others suggest a long-term target of $0.05 by 2040. On her hand, Lucie, a Shiba Inu content specialist, remains confident in SHIB reaching $0.01, reflecting ongoing optimism despite the challenges.

However, Oscar Ramos believes that, SHIB cannot exceed 1 cent with the current Shiba Inu Supply.

Community Reactions and Token Burn Efforts

Ramos’ post sparked various reactions from the SHIB community. Oscar V, a long-time SHIB holder, expressed his long-term commitment, planning to hold SHIB for his children’s future, despite the prevalence of rug pulls in the meme coin market. He emphasized his focus on real-world assets (RWA) and well-known meme coins.

 

Notably, recent burn rates suggest community efforts to reduce the token supply and manage SHIB’s value. However, substantial reductions in supply through sustained burn mechanisms are required to impact the token’s price meaningfully.

Analysis of daily SHIB burn statistics provided by Shibburn as of May 19, 2024, highlights significant burn activity. Over 9.8 million tokens were burned within 24 hours, equivalent to $234.84, representing a 579.08% increase in the burn rate.

Market Sentiment and Technical Analysis

Current market sentiment, as reflected in SHIB’s price movements and technical indicators, shows mixed signals. As of the latest data, SHIB trades at $0.00002412, with a 24-hour trading volume of $298,988,854.35. This represents a 2.48% decline in the last 24 hours but an 11.55% increase over the past seven days. The circulating supply of 590 trillion SHIB gives it a market cap of $14.24 billion.

SHIB TODAY
SHIB Price Action

The daily SHIB/USD chart shows price consolidation, with current price movements suggesting market indecision. The Simple Moving Average (SMA) and Exponential Moving Average (EMA) both indicate support around $0.00002409, with resistance near $0.00003000. The Stochastic Relative Strength Index (Stoch RSI) suggests potential overbought conditions, indicating possible short-term price corrections. Only time will tell if the current optimism among analysts and the market sentiment will translate into sustained long-term growth for Shiba Inu.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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