Shiba Inu has faced a rough patch recently, struggling to recover from its latest collapse. Currently, the meme coin hovers around $0.00001409, marking a modest 2% increase in the last 24 hours. However, after plummeting to $0.00001087 last Monday, Shiba Inu has rebounded by an impressive 29.62%. Despite this, the crypto community remains divided on where SHIB’s price could go by year-end.
Himanshu Maradiya, chairman of the CIFDAQ Blockchain Ecosystem, told Forbes that Shiba Inu has the potential to reach the $0.0001 price region this year. If achieved, this would represent a remarkable 610% return on investment for those buying in at today’s price of $0.00001409. Maradiya suggests that the coin could deliver even greater returns in 2024, with an upper target of $0.0003—translating to a staggering 2,030% growth.
Maradiya’s outlook has garnered support from some analysts, who believe SHIB could break new ground this year. However, others remain skeptical, arguing that such targets may be overly optimistic given the current market conditions.
Shiba Inu’s Divergent Views: A Bullish Push or Bearish Retreat?
Utkarsh Tiwari, an executive officer at KoinBX, takes a more conservative stance. While acknowledging that bullish sentiment could drive SHIB to $0.000066 by year’s end, Tiwari warns of the potential for a bearish downturn, which could push Shiba Inu below its current five-zero threshold.
Echoing this cautious perspective, analysts at Telegaon predict that Shiba Inu might only reach a maximum of $0.0000601 in 2024. This outlook is reinforced by the fact that SHIB approached this price level in March, when it briefly surged above $0.000045, only to retreat significantly.
Changelly exchange analysts are even less optimistic, suggesting that Shiba Inu may not surpass $0.0000187 this year. As SHIB struggles to regain momentum, these differing predictions highlight the uncertainty surrounding its future performance.
While the potential for a six-fold return exists, investors should weigh these varied outlooks carefully before making their move in the volatile world of cryptocurrency.