Shiba Inu's Rise to $1 Gains Community Support, But Can It Happen in This Market Cycle?

The possibility of Shiba Inu rising to $1 is one crypto community members look to support. This follows a recent poll by the crypto exchange CoinW, which showed that others besides the SHIB community believe such a price target may be attainable.

Members of the crypto community are showing their support for the possibility of Shiba Inu reaching $1. This follows a recent poll by crypto exchange CoinW, which showed that others outside the SHIB community believe such a price target is achievable.

In an X (formerly Twitter) post, CoinW included the prediction of Shiba Inu rising to $1 in a poll asking community members which prediction for the top-ranked crypto tokens will happen first. This showed that the meme coin eventually reaching this price point has been considered and supported by notable figures in the crypto community.

Shiba Inu rallying to $1 will be massive, representing a price gain of over 7 million percent for the meme coin. However, such a price gain isn’t new to Shiba Inu, considering that it recorded an unprecedented price gain of 150 million percent in the 2021 bull run. It remains uncertain whether reaching this price level can happen in this market cycle.

Based on the most bullish predictions given for SHIB, the rally to $1 will unlikely happen in this bull run. Crypto analyst Ali Martinez, who has offered the most bullish price prediction for Shiba Inu, stated that the meme coin could rise to as high as $0.011 in this market cycle. Crypto analyst Armando Pantoja has predicted that Shiba Inu will rise to $0.001 in this bull run.

There is a consensus that Shiba Inu can eventually reach $1, but some crypto analysts, like Oscar Ramos, have doubts about this happening. This follows his statement that Shiba Inu can’t even reach $0.01 in this cycle due to its current supply of over 580 trillion.

Shiba Inu’s burn tracker previously noted that the meme coin will need a circulating supply of just over 85 billion to reach $0.01, meaning that Shiba Inu’s supply will still need to be much less if it is to reach $1 eventually.

Shiba Inu’s Next Move

While the crypto community awaits Shiba Inu’s rise to $1, crypto analyst Javon Marks has provided an insight into the meme coin’s next move. Marks has predicted that the meme coin could enjoy a price rally to $0.000081, with SHIB already set for a larger breakout.

A rise to this price level represents a price gain of almost 500% for the meme coin from its current price. However, Marks is confident that SHIB can make such a run, considering how certain bullish signals on the chart are pointing to a bullish breakout for the meme coin.

SHIB has been trading at around $0.00001378, up over 5% in the last 24 hours, according to data from CoinMarketCap.

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