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Today's winner:When will Shiba Inu reach $1 - SHIB price could double after crypto crash | City & Business | Finance | Express.co.ukMyriam Toua
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Shiba Inu is still quite new, meaning not much is known about the crypto and its legitimacy. Shiba tokens, known as SHIB, are listed and incentivised on ShibaSwap, the crypto coin’s own decentralised exchange platform. Earlier this month the value of SHIB soared to $0.00000977, huge gains when compared to lows of $0.00000006 in mid-April according to CoinMarketCap. SHIB’s value is sitting at $ 0.000008535 according at the time of writing on June 7.
Hailing itself as the ‘Doge killer’ in reference to former crypto Dogecoin, SHIB has shown extensive growth in the market.
Fans and investors are now, inevitably, wondering whether SHIB will follow Doge to the moon and hit the one dollar mark.
SHIB is likely to reach $1, according to analysts, but that could take some time as it’s unlikely to happen overnight.
READ MORE: Cryptocurrency prices UK: What is going on with the crypto market?
The self-claimed doge killer could reach $0.000085 by the end of June 2021, as forecasters predict.
If the trend continues on its upwards trajectory, the cost of SHIB could climb to $0.0003 by January 2022.
By the same calculations, there is a very low chance the coin will reach $1 by 2025.
However, according to other reports SHIB is primed for a breakout as some analysts predict the price could double imminently.
FX Street writes: “Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55 percent in market value from its bottom.
“An adjacent parallel channel could be drawn to determine the possible price target for SHIB if accelerating interest is confirmed.
“Shiba Inu needs to escape above the upper trend line of the current parallel channel, coinciding with the strong resistance level given by the 50 four-hour moving average.
“Should the mim-coin manage to break above $0.00001100, its market value could double.
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“Indeed, it could reach $0.00001816, which coincides with the 27.2 percent Fibonacci extension level.”
However, since there’s little to no price history for an asset like SHIB, it’s essential to consider the downsides of investment before putting your money in.
Senior investment and markets analyst at Hargreaves Lansdown, Susannah Streeter, warned against investing in SHIB.
She said: “The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.
“It features the same dog which became a meme and aims to replicate Dogecoin’s success of turning a joke into a money making machine.”
Ms Streeter added: “Investors should treat trading in crypto currencies with extreme caution, and dabble at the edges of their investment portfolio only with money they can afford to lose.”
Nigel Green, chief executive of deVere Group added: “Extreme caution should be exercised before investing in untested cryptocurrencies.
“The price swing can be expected to be wild and there is a legitimate risk that investors could g3et burned.
“There are major differences between the likes of bitcoin, which runs on cutting edge tech and has a limited suppled giving it scarcity value like gold, amongst other valuable attributes, and unknown digital tokens which seemingly have no inherent value.”