Shiba Inu (SHIB) is a decentralized cryptocurrency that has been making headlines recently. With its meme-inspired logo and cute doggy mascot, this digital currency is gaining popularity among traders and investors alike.
The Shiba Inu Coin started the year below $0.00001 and then surged over 450%, hitting $0.000045 in mid-March. Even with this amazing price rise, SHIB Coin is still 67% below its 2021 peak level. The latest price movement indicates renewed interest and optimism around the cryptocurrency.
At the time of writing, Shiba Inu is currently trading at around $0.00002417 and it seems poised for its next price action after a consolidation phase. However, many investors are wondering whether the token has the necessary fundamental backing to surpass the key level of $0.00004 by the end of March.
Will Shiba Inu Reach $0.00005 by the End of March?
As we found on CoinMarketCap, Shiba Inu is currently trading at $0.0000243 and has experienced a significant 4.33% decrease in value over the past 24 hours, approaching the $0.00002 mark.
Bitcoin has historically been a key driver for SHIB’s price surges. When Bitcoin hits new highs, like its run to $73,000, SHIB tends to follow suit.
However, many analysts say that relying only on Bitcoin’s surge could make it difficult to maintain further significant gains. The Shiba Inu ecosystem needs to make game-changing announcements on the foundational aspects to make the price surge sustainable.
Moreover, as per our expert’s technical analysis, the SHIB Coin has the potential to surprise investors with great returns in the upcoming months. Our price prediction suggests that the SHIB Coin can easily hit its $0.00005 milestone in April 2024 if the current market growth continues.
Note: If crypto market sentiment improves, Shiba Inu may reach $0.00004 by March’s end. Yet, in a bearish crypto market, SHIB is unlikely to hit that mark this month.
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
