With Shiba Inu (SHIB) already boasting a year-to-date gain of over 200%, financial analysts and members of the crypto community have begun to discuss what price level the meme coin could attain by the end of the year. The crypto token already has surpassed some, while other price predictions may be harder to reach.
Shiba Inu Already Surpassed Year-End Expectations
According to a survey by Finder, a prominent fintech platform, a group of panelists featuring top executives from different organizations believe, on average, that SHIB will be worth $0.00001 by year-end 2024. Interestingly, the meme coin has already surpassed this expectation, seeing as it is currently trading above that level.
This price prediction, made long before SHIB rose to this level, was most likely conservative because of how the meme coin performed in 2023. However, considering that 2024 is the year of the bull, the meme coin looks on course to defy expectations by a mile. It is also worth mentioning that SHIB already surpassed the panelists’ prediction of it rising to $0.000025 by year-end 2025
SHIB is already headed for the $0.000045 price level mark, which these panelists highlighted as their year-end 2030 price prediction for the meme coin. Meanwhile, SHIB’s price surge is already creating a lot of excitement in the crypto community (especially the SHIB community), with many guessing how high the crypto token could rise by the end of the year.
One of them happens to be X (formerly Twitter) user (@ShibReports), who has raised the possibility of the meme coin hitting $0.10 by the end of the year. Another X user (@chongyeowlim1) gave a more achievable year-end price prediction of $0.01. This aligns with crypto analyst Ali Martinez’s prediction that SHIB could hit $0.011 eventually.
However, Bitcoinist previously reported that 85.43% of SHIB’s actual circulating supply would need to be burned and removed from circulation for that price level to be attained.
Shiba Inu To Prove Doubters Wrong
One of the panelists, Daniel Polotsky, founder and chairman of CoinFlip, criticized SHIB as an asset “all based on narratives and the dog coin mania that DOGE unleashed.” He added that the meme coin didn’t have an “established use case in crypto besides being a fun project.”
Dimitrios Salampasis, Senior Lecturer for Emerging Technologies and FinTech at Swinburne University of Technology, also echoed Polotsky’s sentiments. He stated that SHIB lacks a specific purpose or use case. “It does not solve any problem, and it does not provide any unique functionalities,” he claimed.
Despite their reservations, it is worth mentioning that Shiba Inu, through the efforts of the crypto token’s team, has gone beyond being just a meme coin. SHIB happens to be at the heart of an ecosystem that now boasts a layer-2 network in Shibarium. SHIB is Shibarium’s governance token, and more use cases are expected to be added for the crypto token as time passes.
At the time of writing, SHIB is trading at $0.0000344, down over 1% in the last 24 hours, according to data from CoinMarketCap.
SHIB bulls regain control of price | Source: SHIBUSDT on Tradingview.com
Featured image from Coins.ph, chart from Tradingview.com
