An in-depth technical analysis and forecasting on the crypto Shiba Inu (SHIB) see it going to at least $0.01 by 2040.
Crypto: price forecasting for Shiba Inu (SHIB) affirms $0.01 by 2040
A month ago, crypto analytics firm Telegaon released its price forecasting for Shiba Inu (SHIB), stating that the second memecoin could touch $0.01 by 2040.
Specifically, the in-depth technical analysis on the current performance of the SHIB coin, found a huge potential in the long term, in terms of price rise, provided certain conditions are then met.
To date, however, the crypto project has shown its tremendous progress. And in fact, launched in August 2020 as the “Dogecoin Killer,” Shiba Inu has managed to climb the crypto rankings currently placing 19th, with a total market cap approaching $5 billion.
Not only that, according to Etherscan data, the SHIB token is held at the time of writing by more than 1.3 million investors.
Speaking of price, however, Shiba Inu has soared 15,766,495.14% since its launch to date. This is one of the biggest successes for a memecoin project, which has helped the SHIB token gain popularity in a short time.
Supporting that performance were popular crypto-exchanges such as Robinhood, Binance, and Coinbase, which have been listing SHIB since the beginning. For example, news of SHIB’s new listing on Coinbase in June 2021 had led memecoin to skyrocket by +24% in just a few hours.
Crypto: predictions for Shiba Inu (SHIB) see the price rising to $1 in 2050
Considering all the features of Shiba Inu, Telegaon wanted to share its memecoin price predictions over the years, going so far as to say that SHIB will touch not only $0.01 but as high as $1.
At the time of writing, SHIB is worth $0.000008434. For Telegaon, as early as by the end of next month (and thus by the end of 2023), the price of SHIB could touch the maximum price of 0.0000316.
In fact, so far, SHIB has touched the maximum price of $0.00001471 in early February 2023, which is just higher than the minimum price expected for this year.
Moving forward with the years, SHIB’s forecasting sees its price rising to $0.01 in the decade between 2030 and 2040, while $1, will be touched as the maximum price in 2050.
Bitcoin’s rally and the performance of memecoins
For the past three weeks, Bitcoin has been experiencing a real price rally that has taken it from $30,000 to over $37,000. At the time of writing, BTC is worth $35,620, up +32% from last month.
Looking at the performance of the crypto market leader, the performance of the two quintessential memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), can also be highlighted.
DOGE has risen +23% in the past 30 days, while SHIB only +19%. The bull run trend is there, but the performance does not seem to meet traders’ expectations.
And in fact, a more in-depth analysis already done at the beginning of the rally, saw that the underperformance of DOGE and SHIB compared to other crypto assets such as SOL and LINK, might suggest that traders are looking for new buying opportunities.
In practice, one could speculate that traders are leaving aside the two speculative assets, which were born for fun, to choose to invest in other projects.
Speaking in numbers and looking at current charts, LINK is up +98% in the past month, while SOL is up +165%. Both projects have outperformed both memecoins and the leader, Bitcoin.