- Will Shiba Inu reach the coveted 1 cent level? Analysts are on the edge, speculating about the possibilities
- For this ambitious goal to become a reality, two important conditions must change
Right now, analysts are focused on predicting the next psychological targets for each major coin. Memecoins, with their inherent volatility, are often analyzed through the lens of how other cryptocurrencies perform.
Shiba Inu [SHIB] is no exception. With a promising first quarter ahead, fueled by expectations that Bitcoin will break higher highs, analysts are speculating on SHIB’s long-term price target.
Will Shiba Inu reach 1 cent soon?
Looking at SHIB’s daily chart, it’s easy to see why bullish sentiment is strong. After the election cycle, SHIB saw a major bull rally, marked by seven consecutive green candlesticks.
A correction was inevitable after a 27% rise in one day. And yet, despite some profit-taking, the bulls quickly regained control, preventing a recession. This resilience bodes well for SHIB, especially since it is a memecoin.
At $0.00003030 (at the time of writing), SHIB appeared to be approaching the late March resistance level, making the coming days crucial to its short-term trajectory. If it breaks through this level, it could signal further gains. Otherwise, a relapse may be lurking.
In the long run, however, it will take more than erratic daily price movements to push Shiba Inu into the 1-cent category.
With over 580 trillion SHIB tokens held in whale wallets, their influence on the price of SHIB remains the most consequential.
Source: IntoTheBlock
Interestingly, interest in whales in SHIB was relatively stagnant for six months, until the “Trump pump” a month ago. This sudden increase in whale activity highlighted how strategically timed their positions are.
So unless broader market sentiment enters a phase of extreme greed, it is difficult to assume an intense accumulation of whales. This would cast some doubt on Shiba Inu’s one-cent target, at least in the near future.
Basic psychology reveals important insights into the potential of SHIB
Memecoins like SHIB thrive on speculation, making them susceptible to wild price swings. While SHIBs internal efforts – such as token burning, community initiatives and DAO proposals – help fuel excitement; it is the external forces that really determine the future.
Whale activity plays a big role in SHIB’s price action. The big players with the biggest stakes have the power to move the market, often overshadowing community-driven efforts that fuel the hype in the short term.
For SHIB to see long-term success, two main drivers are typically central: a wave of enthusiasm from major HODLers or a Bitcoin crisis that forces investors to adjust their portfolios, including meme tokens, for quick profits.
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Take the current situation for example: while Bitcoin has struggled since reaching its all-time high of $104,000, SHIB has been riding high on a wave of whale activity, posting daily gains of more than 5% and fending off a pullback.
This is a sign of the enormous influence that external forces – especially whales – have on SHIB’s price movement.
So unless SHIB can create a more decentralized support base, it remains a mystery when it might reach the elusive 1 cent mark.
