Recently, the Shiba Inu (SHIB) has become quite popular in the cryptocurrency market. Many investors make different predictions about the price of SHIB due to the high volatility. Some analysts and market watchers think the SHIB will rise in the future, while others are bearish.
However, an estimate by Analytics Insight seems to have confused many people. This article claims that SHIB could hit $10 by 2024. This is a pretty ambitious estimate considering the current price of the SHIB is around $0.000009796.
Koinfinans.com As we reported, the Analytics Insight article was titled “Experts Predict Shiba Inu Will Be Worth $10 By 2024,” but the article did not quote the experts. In the article, the Shiba Inu Metaverse project was cited as a possible driver for this price increase, but it was not disclosed how.
This prediction was considered an impossible dream by most market participants. We can say that this assessment is not unfair, as SHIB would need to increase 101.358,099% in one year to reach $10. Such a rise is impossible from an analytical point of view, given current market conditions and the supply of SHIB.
Shiba Inu Supply: A Big Barrier
Besides, despite the ongoing burning activities, the circulating supply of Shiba Inu is still well above 574 trillion. When the supply of Shiba Inu fell sharply in 2021, the price had increased 264,000% in five months. This was the result of Ethereum co-founder Vitalik Buterin burning 410 trillion SHIB in May 2021.
For the Shiba Inu to rise 101.358,099 dollars to $10, its circulating supply would need to drop to around 1 billion tokens. Unfortunately, this goal is just a dream.
Instead of $10, the Shiba Inu community has set a price target of between $0.0001 and $0.001 for the asset, with probabilities.
You can follow the current price action here.
Source : the crypto basic