Shiba Inu Price: Will SHIB Hit $1 in 2024

Over the last seven days, Shiba Inu (SHIB) has seen a 7% jump in its price, fueling optimism among investors as positive market indicators propel it further upward. Even amidst small adjustments across the industry, Shiba Inu stands out within the meme coin segment, demonstrating encouraging growth patterns. This upward trend could indicate a potentially profitable period for SHIB investors.

Meme Coin Frenzy Helps Shiba Inu Price Climb Higher

The cost of Shiba Inu has surged in tandem with a general rise in meme tokens such as PEPE, WIF, BONK, FLOKI, and BRETT. The renewed enthusiasm for meme coins is evident, even amid the market’s recent downswings. Features like Shibburn and developments in Shibarium hint at potential future price hikes for Shiba Inu.

Shiba Inu plans to establish a Decentralized Autonomous Organization (DAO), allowing SHIB token owners more control in shaping the future direction of the project. This DAO will help ensure that the project remains faithful to its original values.

As a crypto investor, I’ve noticed that despite the recent announcement of the DAO, Shiba Inu’s price hasn’t seen significant movement, falling behind other meme coins in terms of growth. However, I’m excited about Shiba Inu’s strategic shift towards decentralization as they work to establish their Decentralized Autonomous Organization (DAO). This move could potentially bring more value and opportunities for the community, and I’m keeping a close eye on its progress.

Over the past 24 hours, the SHIB market has observed a notable fluctuation in the price of Shiba Inu. The meme coin is hovering above $0.00001462 after experiencing a range between $0.00001438 and $0.00001504. 

Currently, the Shiba Inu coin stands at a value of $0.00001462, holding strong even amidst broader market difficulties due to its placement above vital support thresholds.

SHIB Price Forecast: Can it rebound to Above $0.000015 Soon?

At the moment, the estimated Shiba Inu price is at a pivotal point in the market. If the decline persists, its value could fall beneath the present support level of approximately $0.00001455, potentially plunging to around $0.00001. For it to reach a value of $1 from $0.00001, an extraordinary increase of 2800% would be required.

For Shiba Inu’s price, the 4-hour technical indicators suggest that the price has been fluctuating within a limited span recently. The Awesome Oscillator (AO) below the chart shows a transition from bullish to bearish trend as the green bars turn into red ones, implying a drop in buying pressure.

Shiba Inu Price: Will SHIB Hit $1 in 2024

The chart below displays the Market Value to Realized Value (MVRV) ratio for SHIB cryptocurrency from late February to late August. The MVRV ratio peaked dramatically in early March, indicating a period when the average investor would profit by selling. After the peak, the ratio dropped sharply, suggesting that the market value fell below the initial purchase prices. 

Lately, the ratio seems to be on an upward trend again, but it’s still significantly lower than its past records. Although there appears to be a resurgence in investor profits, the market values haven’t regained their former peaks yet.

Shiba Inu Price: Will SHIB Hit $1 in 2024

Instead, a significant increase in purchases could drive up the price of Shiba Inu, potentially surpassing the resistance at 0.000015 USD. If this positive trend continues, levels of 0.000017 and 0.00002 USD may be attainable in the near future.

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2024-08-27 13:06