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, others expect the coin to resume its rally and actually reach a new all-time high. A new Forbes report falls in the latter category, expecting a significant surge in price towards new highs.
Shiba Inu Price To Reach New ATH
In the Forbes report, the Shiba Inu token is lauded for its development and growing utility, pushing it to become the 13th-largest cryptocurrency in the space. However, over the last few years, the price has struggled and has failed to reclaim its $0.00008 all-time high despite the bitcoin price reaching new highs.
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The report points to a number of predictions, while tracing the performance of Shiba Inu through the years. One notable prediction is that of Utkarsh Tiwari, the chief strategy officer of KoinBX. Tiwari predicts that the price of SHIB could rally more than 100% from its current level to reach above $0.00003. The strategist believes that this could happen for the meme coin sometime around the end of 2024.
However, for Forbes, a more realistic price point for the meme coin was set at $0.0001 to $0.0003. This deviates from Tiwari’s upper bound of $0.000396 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 favourable market conditions by 2025. However, pointing to “technological advancements and regulatory updates,” the report puts the price as high as $0.00007488 for 2025.
SHIB Sees Dwindling Pressure
Amid the high expectations for the Shiba Inu price, the meme coin has continued to struggle in the market. The market sell-offs affected the 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.
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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%.
Featured image created with Dall.E, chart from Tradingview.com