The cryptocurrency market seems to be consolidating at the current price points. Bitcoin (BTC) appears to be stalling at the $63,000 level. The global market cap, however, has dipped 1.6% in the last 24 hours to $2.32 trillion.
Shiba Inu (SHIB) follows the market trend, dipping 1.3% in the daily charts and 4.6% in the monthly charts. Despite the drawdown, SHIB is still up by 8.6% in the weekly charts and 7.7% in the 14-day charts. The dog-themed crypto has also rallied by 95.5% since September 2023.
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Source: CoinGecko
Can Shiba Inu Hit 15 Cents?
To reach 15 cents ($0.15) from current levels, SHIB has to rally by 1,035,096.69% (1.03 million per cent). While the figure may seem significant, it is not something SHIB has not done before. Since its launch in August 2020, till it hit an all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million per cent.
When Will The Memecoin Hit 15 Cents?
According to Telegaon, Shiba Inu (SHIB) will hit the 15 cents ($0.15) mark between 2040 and 2050.
Source: Telegaon
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Changelly is even more bearish on SHIB. The platform does not anticipate the asset hitting $0.15 before 2050 and predicts it will trade at a maximum price of $0.033 in 2050.
Source: Changelly
Can SHIB Hit 15 Cents Any Sooner?
One of the most significant catalysts for SHIB’s 2021 rally was Ethereum co-founder Vitalik Buterin’s massive token burn. Buterin received half of SHIB’s supply upon launch and decided to burn 90% of the coins he received, donating the rest to charity. Buterin’s actions led to a sudden drop in SHIB’s supply, resulting in a massive price spike.
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If the project can undertake a similar burn, we may witness another 2021-like rally. We may reach the 15 cents ($0.15) target in this scenario much sooner than predicted.