Crypto analyst Ali Charts has painted a bullish picture for Shiba Inu (SHIB). The analyst points to SHIB’s TD sequential indicator to highlight a buy signal. According to the analyst, the TD sequential indicator has precisely predicted SHIB’s price movements. Ali Charts says SHIB could be ‘gearing for an upswing.’ The analyst says SHIB’s price could climb to $0.010 or $0.011.
Also Read: Shiba Inu: $100 Investments Turn into $50 Million in February 2024
Despite the bullish prediction, Ali Charts has not given a timeline for when SHIB may reach $0.010. One should note that Ali Charts has taken 1000SHIB for his prediction, not SHIB. According to CoinGecko, ‘1000SHIB is a separate version of the original SHIB token denominated in 10^3.’
Can Shiba Inu (SHIB) reach $0.010 soon?
Reaching $0.010 would translate to a growth of over 100000% from current levels. However, the prediction might be a little farfetched. SHIB’s supply is massive, and reaching a price of $0.010 would skyrocket the project’s market cap to many trillions. A market cap of over one trillion is highly unlikely for SHIB, given that the global crypto market cap is around $1.7 trillion.
Also Read: Shiba Inu: You Could Have Made $1 Billion With Just $6.2k in SHIB.
Shiba Inu (SHIB) has to significantly reduce its supply for its price to reach $0.01. During the 2020-2021 rally, Ethereum (ETH) co-founder Vitalik Buterin burned a large amount of SHIB, which significantly helped the asset’s rally. Buterin received half of SHIB’s supply upon launch and decided to burn 90% of the tokens. Buterin’s actions propelled SHIB’s price by many million percent.
The SHIB team is working on a new burn mechanism that could remove trillions of tokens yearly. Only by reducing SHIB’s supply can the project hope for higher prices. The team is yet to disclose details about the new burn mechanism, which many believe will launch this year.
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