Crypto Analyst Predicts Historic 122,000% Surge For Shiba Inu Price, Here’s The Target

February 1, 2024 CryptoExpert Doge

Crypto analyst Ali Martinez recently presented a bullish narrative for Shiba Inu’s (SHIB) price, which could see the meme coin rise to as high as $0.011. This price prediction has no doubt raised some eyebrows, considering SHIB’s current price.

How Shiba Inu Could Rise To As High As $0.011

Martinez mentioned in an X (formerly Twitter) post that the TD Sequential indicator was “currently flashing a buy signal, hinting that SHIB could be gearing up for an upswing.” This indicator seems to be very valuable in determining the meme coin’s trajectory, as the analyst noted that it “has proven remarkably precise in predicting SHIB’s price movements.

Martinez further urged crypto investors to keep an eye out for SHIB as it could climb to $0.010 or “potentially even reach $0.011.” That price level immediately triggered doubts among some of Martinez’s followers. One X user, in particular, stated that he didn’t understand the analysis as SHIB’s current price stood at around $0.000009106.

Source: X

Martinez’s prediction also seems farfetched, considering that SHIB has never come close to that price level before. Currently, SHIB’s all-time high stands at $0.00008845, which is still a far cry from $0.011.

Interestingly, Shiba Inu’s burn tracker had suggested that the ‘$0.01’ dream was still a long way from being actualized, as about 85% of the meme coin’s circulating supply will need to be burned for that to happen. Meanwhile, crypto YouTuber Jeff stated that it would take over a million years for SHIB’s supply to be reduced to 100 billion, making it almost impossible for SHIB to hit $0.01.

SHIB Burns Still Integral To Any Price Rally

Despite $0.01 looking unattainable based on how much of the token needs to be burned, there is no doubt that the SHIB burns are still integral to any upward price movement. Shibburn, the SHIB burn tracker, revealed in an X post that almost 10 billion SHIB tokens were burned in the month of January.

This is impressive, considering that the Shiba Inu ecosystem was only able to hit this milestone twice last year (in May and December). Meanwhile, these burns no doubt contributed to the meme coin rising to as high as $0.0000106 in January. Notable, SHIB experienced a price breakout on January 11, just two days after 9.35 billion SHIB tokens were burned.

At the time of writing, SHIB is trading at around $0.000008909, down over 1% in the last 24 hours, according to data from CoinMarketCap.