Analyst Predicts Shiba Inu Rally: Surge Over 100000% to Reach $0.01
- A Positive Outlook for Shiba Inu (SHIB) by Crypto Analyst Ali Charts
- Details of the Prediction
- Potential Challenges and Considerations
- The Need for Reduction in Supply
- Upcoming Burn Mechanism by SHIB Team
A Positive Outlook for Shiba Inu (SHIB) by Crypto Analyst Ali Charts
Crypto analyst Ali Charts has projected a promising future for Shiba Inu$0.000010 -2.05% (SHIB), identifying a buy signal with the use of SHIB's TD sequential indicator. The TD sequential indicator has a track record of accurately forecasting SHIB's price fluctuations. It is currently suggesting a potential upswing for SHIB, raising the possibility of an increase to $0.010 or even $0.011.
Details of the Prediction
While Ali Charts has provided a bullish forecast, a specific timeline for when SHIB might hit the $0.010 mark has not been specified. It should also be clarified that the prediction involves 1000SHIB, separate from the original SHIB token, as explained by CoinGecko. The platform defines 1000SHIB as a separate version of the original SHIB token denominated in 10^3.
Potential Challenges and Considerations
While reaching $0.010 would mean a surge of over 100000% from current levels, this prediction could be somewhat ambitious. The supply of SHIB is considerably large and attaining a price of $0.010 would drastically increase the project's market cap to several trillions. Given that the global crypto market cap currently stands around $1.7 trillion, crossing the one trillion mark seems unlikely for SHIB.
The Need for Reduction in Supply
In order for SHIB's price to hit $0.01, a significant reduction in its supply is necessary. During the 2020-2021 rally, co-founder of Ethereum$2,315 -2.42% (ETH) Vitalik Buterin, burned a considerable amount of SHIB, thereby aiding the asset's rally. Half of SHIB's supply was received by Buterin upon its launch, and he chose to burn 90% of these tokens. This action had a significant impact, driving up SHIB's price by several million percent.
Upcoming Burn Mechanism by SHIB Team
The SHIB team is developing a new burn mechanism that could potentially eliminate trillions of tokens yearly. The hope is that by decreasing SHIB's supply, the project can attain higher prices. The specifics of this new burn mechanism are not yet public, but many speculate that it could be introduced within the year.
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