Crypto analyst Ali Martinez recently offered an optimistic outlook for Shiba Inu’s (SHIB) price, suggesting a potential surge to $0.011. This prediction has intrigued many given SHIB’s current value.
Martinez highlighted on X (formerly Twitter) that the TD Sequential indicator signaled a buy, indicating a potential upswing for SHIB. This indicator has been accurate in forecasting SHIB’s movements in the past, adding weight to Martinez’s analysis.
Shiba Inu Price Predictions: Analysis and Doubts
Crypto analyst Martinez has projected a potential climb for Shiba Inu (SHIB) to $0.010 or even $0.011, stirring skepticism among followers. With SHIB currently trading around $0.000009106, Martinez’s forecast seems ambitious, considering SHIB’s highest historical value of $0.00008845.
Source: X
The feasibility of reaching $0.010 or $0.011 is questioned, as SHIB’s burn tracker indicates that about 85% of its circulating supply would need to be eliminated for such a milestone. Additionally, crypto commentator Jeff notes the immense timescale required to reduce SHIB’s supply to 100 billion, making a $0.01 valuation nearly improbable.
Shiba Inu Burns: Impact on Price Movement
Despite the seemingly distant target of $0.01 due to the extensive token burning required, the significance of SHIB burns in driving price appreciation remains evident. Shibburn, the SHIB burn tracker, disclosed via an X post that nearly 10 billion SHIB tokens were incinerated in January.
This accomplishment is notable, as the Shiba Inu ecosystem only achieved this milestone twice in the previous year (in May and December). These burns undoubtedly played a role in propelling the meme coin’s value to as high as $0.0000106 in January. Notably, SHIB witnessed a price surge on January 11, just two days following the incineration of 9.35 billion SHIB tokens.
SHIB price rests at $0.000008 | Source: SHIBUSD on Tradingview.com
As of the latest data from CoinMarketCap, SHIB is currently trading at approximately $0.000008909, marking a decline of over 1% in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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