Shiba Inu (SHIB) is down nearly 71% from its all-time high of $0.00008616 reached in October 2021. Moreover, the asset faced a significant correction in the last 24 hours. Despite rising 14.3% on the weekly chart, SHIB’s price is down 7.6% on the daily chart, 9.3% on the 14-day chart, and 13.8% over the previous month.
However, despite the recent decline, it is possible that SHIB could reach an all-time high soon. According to CoinCodex, SHIB is likely to rise to $0.00008813 on May 23, 2024. Reaching $0.00008813 from current levels would represent a growth of approximately 251%.
Changelly also paints a bullish picture for SHIB over the next few weeks. The platform expects SHIB to reach $0.00008739 on May 22, 2024.
Can a Shiba Inu Erase a Zero in This Cycle?
If SHIB can maintain its price at $0.00008, there is a possibility that the asset will erase a zero after the decimal point. Reaching $0.0001 would mean a growth of approximately 298%.
However, Changelly does not expect the Shiba Inu to reach $0.0001 any time before 2027. Platform, meme coinIt predicts that will reach a maximum price of $0.0001049895 in 2027.
One of the key obstacles to the price of SHIB is its huge circulating supply. The project currently has approximately 589 trillion coins in circulation. If the price of each coin rises too high, the market value of the project will reach an unrealistically large figure. Therefore, the project needs to reduce its supply before aiming for higher prices.
The SHIB team said they are working on a new burning mechanism that is said to burn trillions of tokens per year. If successful, the asset could reach $0.0001 much sooner than expected.
