The Shiba Inu price and its possible direction have long been a point of contention among analysts. While some believe the meme coin will struggle for the foreseeable future, others expect it to resume its rally and actually reach a novel all-time high. A novel report from Forbes falls into the latter category, predicting a significant boost in price towards novel highs.

Shiba Inu price reaches novel ATH

In Forbes reportThe Shiba Inu token has been praised for its growth and increasing utility, which has seen it become the 13th largest cryptocurrency in the space. However, the price has struggled over the past few years and has failed to reclaim its all-time high of $0.00008, despite Bitcoin’s price reaching novel highs.

The report makes a number of predictions while tracking the performance of Shiba Inu over the years. One notable prediction is that of Utkarsh Tiwari, Chief Strategy Officer at KoinBX. Tiwari predicts that the price of SHIB could boost by over 100% from its current level and cross $0.00003. The strategist believes that this could happen for the meme coin by slow 2024.

However, Forbes found that a more realistic price for the meme coin is somewhere between $0.0001 and $0.0003. This is a far cry from Tiwari’s $0.000396 upper bound for 2024 and a far cry from SHIB’s current price of $0.000016.

In the long run, Tiwari predicts that shiba inu price In favorable market conditions, it may rise to USD 0.0000456 by 2025. However, citing “technological advances and regulatory updates,” the report estimates the price at $0.00007488 in 2025.

SHIB sees decreasing pressure

Amid high expectations for the Shiba Inu price, the meme coin continues to struggle in the market. Market sales affected the price over the past week, pushing it lower to retest support at $0.000016. While support held, it showed just how much pressure the bears were putting on the price.

In terms of volume, the SHIB token is still struggling as CoinMarketCap data shows a 22% drop in the last 24 hours. However, this could be good for the meme coin as it could mean that sellers are running out of steam, which could cause the price to rise again.

For now, bulls continue to keep the Shiba Inu price above $0.000016, benefiting from slight support from the inflation data, which came in lower than expected at 3%.

Featured image created with Dall.E, chart from Tradingview.com