Shiba Inu Price Predictions: Where Could SHIB Be Headed?

The Shiba Inu price and where it could be headed has long been a bone of contention among analysts. While some see the meme coin struggling for the foreseeable future

The price of Shiba Inu (CRYPTO: SHIB) has struggled to reclaim its all-time high despite the bitcoin price reaching new highs and several bullish developments within the meme coin’s ecosystem.

However, a new Forbes report predicts that SHIB could rally more than 100% from its current level to reach above $0.00003 by the end of 2024.

Here's a glance at what analysts and the report are saying about the future Shiba Inu price movements.

What Happened: Several predictions have been made regarding the Shiba Inu price, especially as we follow the performance of the meme coin over the years.

One notable prediction comes from Utkarsh Tiwari, chief strategy officer of KoinBX, who predicts that SHIB could rally over 100% from its current level to reach above $0.00003. Tiwari predicts that this could happen for the meme coin sometime around the end of 2024.

The Forbes report also sets a more realistic price point for the meme coin, which could be anywhere from $0.0001 to $00003. This deviates from Tiwari’s upper bound of $0.0000396 for 2024, as it is a reasonable distance away from the current SHIB price of $0.000016.

In the longer time frame, Tiwari predicts that the Shiba Inu price could go as high as $0.0000456 in favorable market conditions by 2025. However, pointing to “technological advancements and regulatory updates,” the report puts the price as high as $0.00007488 for 2025.

Shiba Inu Price Sees Dwindling Pressure: The meme coin has struggled in the market sell-offs, which affected the SHIB price over the last week, pushing it down to retest the support at $0.000016. Although the support held, it has shown how much pressure the bears are putting on the price.

On the volume front, the SHIB token is still struggling, as CoinMarketCap data shows a 22% decline in the last 24 hours alone. However, this could be good for the meme coin as it could mean that sellers are running out of steam, which could see the price push back up once again.

For now, bulls continue to maintain the Shiba Inu price above $0.000016, getting a small boost from inflation data coming in lower than expected at 3%.

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