Shiba

Based

Cryptocurrency

Bitcoin

Shiba Inu

<div class="finbold">
 <p class="paragraph">The valuation of the meme cryptocurrency Shiba Inu (SHIB) has been a subject of speculation amid ongoing network developments aimed at giving the network more utility.</p>
 <div></div>
 <p class="paragraph">Within this context are several price targets for this meme coin, with the broader community aiming for the coveted $1 milestone. However, to attain this position, Shiba Inu will likely need the support of a $0.50 price floor.</p>
 <p class="paragraph">To assess the likelihood of SHIB <a rel="noopener noreferrer nofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a>ing the $0.50 level, Finbold sought insights from the generative artificial intelligence (AI) platform Google Bard. When asked about Shiba Inu’s path to $0.50, Bard identified several factors that could potentially elevate SHIB to this price point.</p>
 <p class="paragraph">According to this <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Shiba Inu would need to experience a surge in buying pressure, significantly increasing the token’s market capitalization to $274.5 billion.</p>
 <blockquote class="wp-block-quote">
  <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
   <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/22/8e791ba2a5777b778bf7b98c737c8d1d.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="economics-professor-identifies-future-security-threat-to-bitcoin">Economics professor identifies future security threat to Bitcoin</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/22/70dc02b30a85043d32509cb1e7f025f2.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="this-is-bitcoin-s-next-price-target-as-correction-is-ruled-out">This is Bitcoin's next price target as correction is ruled out</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/22/138b9645f1bee34dac8d82b67b8c5074.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="chatgpt-picks-3-low-cap-cryptocurrencies-for-the-next-bull-run">ChatGPT picks 3 low-cap cryptocurrencies for the next bull run</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/22/a8512cd7eb5730f7599230ef91d5edb2.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="rich-dad-r-kiyosaki-issues-wake-up-call-says-bitcoin-to-hit-this-major-price">'Rich Dad' R. Kiyosaki issues 'wake up' call, says Bitcoin to hit this major price</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/22/bfb3ba1dc03656ace45764e98dd8b831.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="3-cryptocurrencies-under-0-10-to-consider-buying-next-week">3 cryptocurrencies under $0.10 to consider buying next week</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
  <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
   <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
   </div>
  </div>
  <p class="paragraph">“For Shiba Inu to <a rel="noopener noreferrer nofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a> $0.5, it would need to achieve a market capitalization of approximately $274.5 billion. This is a significant increase from its current market capitalization,” Bard said.</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-factors-affecting-shib-s-path-to-0-50">Factors affecting SHIB’s path to $0.50</h2>
 <p class="paragraph">The tool acknowledged that hitting the $0.50 level is a long way to go but identified three factors that can contribute to this remarkable surge. The tool identified an increased adoption and use as a currency. The more Shiba Inu is adopted for transactions, the higher the demand.&nbsp;</p>
 <p class="paragraph">Bard also highlighted the relevance of the continued development of the Shiba Inu ecosystem alongside the support from the token community. However, Bard emphasized that the cryptocurrency market is volatile and unpredictable.</p>
 <p class="paragraph">Based on the current market conditions, it appears unlikely that Shiba Inu will <a rel="noopener noreferrer nofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a> $0.50 in the near future. Nevertheless, if the cryptocurrency market continues to expand and SHIB achieves widespread adoption, the dream of <a rel="noopener noreferrer nofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a>ing $0.50 might not be entirely out of <a rel="noopener noreferrer nofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a> in the long term.</p>
 <p class="paragraph">It’s important to highlight that Shiba Inu is pinning part of its hopes on network initiatives to enhance its valuation. The recent rollout of the layer two scaling solution, Shibarium, is touted as a significant driver for this growth.&nbsp;</p>
 <p class="paragraph">Notably, this solution has been achieving various milestones. As of October 22, the total number of transactions on Shibarium has surpassed the 3.5 million mark, with a remarkably swift block time of just five seconds.</p>
 <p class="paragraph">At the same time, there’s a growing emphasis on burning excess SHIB tokens. A recent report by Finbold on October 18 indicated that the SHIB burn rate skyrocketed by 419.94% within 24 hours, resulting in nearly 40 million SHIB tokens being removed from its total supply in a single day.</p>
 <h2 class="wp-block-heading" id="shib-price-analysis">SHIB price analysis</h2>
 <p class="paragraph">By press time, Shiba was trading at $0.000007006, showing daily losses of about 0.60%. The token has seen relatively minor changes on the weekly chart, with a 0.21% increase.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/22/f64139becb0abd1085a4f903f9a622d0.webp" alt class="wp-image-133606" srcset="https://cdn.thebittimes.com/images/2023/10/22/f64139becb0abd1085a4f903f9a622d0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/22/f64139becb0abd1085a4f903f9a622d0.webp 300w, https://cdn.thebittimes.com/images/2023/10/22/f64139becb0abd1085a4f903f9a622d0.webp 768w, https://cdn.thebittimes.com/images/2023/10/22/f64139becb0abd1085a4f903f9a622d0.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>SHIB seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Regarding technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Shiba Inu is currently dominated by bearish sentiments. A summary of the one-day gauges obtained from <em>TradingView</em> corresponds to a sell sentiment score of 12, which aligns with the 10 from the moving averages. Oscillators are currently neutral, registering a score of 8.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="194" src="https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp" alt class="wp-image-133605" srcset="https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp 1024w, https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp 300w, https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp 768w, https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp 1536w, https://cdn.thebittimes.com/images/2023/10/22/e082cf7008216e863bd101815bf7cb5b.webp 1635w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>SHIB technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Finally, the prospects of SHIB also depend on the overall momentum in the broader cryptocurrency market.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/can-shib-reach-0-50-yes-if-this-scenario-plays-out-tbt67307.html">https://thebittimes.com/can-shib-reach-0-50-yes-if-this-scenario-plays-out-tbt67307.html</a></p>

Can SHIB reach $0.50? Yes, if this scenario plays out

Table of Contents

TheBitTimes

Other articles published on Oct 22, 2023

Shiba Coin Price Prediction: Will SHIB Reach $0.0000075? Latest Analysis

NVIDIA CEO Reacts to US Policies: China Ban Will Have an Impact, But Company Will Continue to Wor...

Solana TVL Reaches $350 Million, Breaking Records! Why is TVL and SOL Rising?

Bitcoin: Could BTC Hit $45K by the Start of 2024?

Uniswap Founder Burns 99% of HayCoin Supply, Details

3 Crypto Layak Serok Pekan Depan

Join our free newsletter for daily crypto updates!