The prospect of Shiba Inu reaching the $1 mark has garnered considerable support within the crypto community. This optimism follows a recent poll by the crypto exchange CoinW, which indicated that not only members of the SHIB community but others also view this price target as achievable.
In a post on X (formerly Twitter), CoinW conducted a poll asking community members which top-ranked crypto tokens’ predictions were deemed most likely. Among the options was the ambitious forecast of Shiba Inu surging to $1. The results suggested that the idea of Shiba Inu reaching this milestone has the backing of influential figures within the crypto community.
Achieving the $1 mark would signify an astronomical rise of over seven million percent for Shiba Inu. However, such remarkable gains are not entirely unheard of for the meme coin, which experienced an unprecedented surge of 150 million percent during the 2021 bull run. Despite this historical precedent, there remains uncertainty regarding whether the current market cycle can support this level of growth.
Based on even the most optimistic forecasts for SHIB, achieving the $1 mark in the current bull run is unlikely. Crypto analyst Ali Martinez, who has presented one of the most bullish outlooks for Shiba Inu, suggested the coin could reach $0.011 within this market cycle. Meanwhile, crypto analyst Armando Pantoja predicted a rise to $0.001.
Despite some consensus on its potential long-term growth, skepticism persists. Crypto analyst Oscar Ramos expressed doubts that Shiba Inu could reach even $0.01 during this cycle, citing the coin’s extensive supply of over 580 trillion. According to Shiba Inu’s burn tracker, to achieve a price of $0.01, the circulating supply would need to be reduced to just over 85 billion, implying an even more substantial reduction would be necessary to hit the $1 target eventually.
As discussions of Shiba Inu’s future unfold, crypto analyst Javon Marks has offered insights into the coin’s imminent movements. Marks predicts that Shiba Inu might experience a price rally to $0.000081, significantly up from its current trading position. This potential upswing would represent nearly a 500% price gain from its current rate.
Currently, Shiba Inu is trading at approximately $0.00001378, reflecting a more than 5% increase over the past 24 hours, according to CoinMarketCap data. Marks underscores bullish signals on the chart that suggest an impending breakout for SHIB, indicating a possible positive movement in the near future.
