According to crypto investor Lark Davis, the price of Shiba Inu is not going towards either $1 or 1 cent.
Don’t know who needs to hear this but $shib isn’t going to a dollar, ten cents, or even 1 cent.
— Lark Davis (@TheCryptoLark) October 26, 2021
Shiba Inu, comments from Lark Davis
Davis has nearly 600,000 followers on Twitter, and a YouTube channel with over 400,000 subscribers, making him a popular source of information in the crypto world.
Shiba Inu (SHIB) has just recorded its new all-time high at 0.048 thousandths of a dollar, and is in fact still far away from a cent.
Expressed in cents, its current price would be 0.0048, or less than 1% of a cent. To be worth one cent, the price would have to rise 208 times from today’s high.
Even though the price of SHIB has already risen 552,292 times in the last 12 months, taking as a reference the values at the beginning of May, the current price is 30 times higher, so it is difficult to imagine that in the short or medium-term it could increase 208 times.
If we then take $1 as a reference, then it should increase by 28,000 times, i.e. much more.
Dogecoin as Shiba Inu
A similar argument could be made for Dogecoin, of which Shiba Inu would like to be a direct rival.
Dogecoin passed the 1 cent mark at the end of January, having been worth 0.26 cents a year ago. In recent months its price has increased 100-fold, so that it is now worth almost 27 cents.
For Dogecoin, the benchmark is $1, and its all-time high price, reached on 8 May, was around $0.7, or 70 cents.
Thus DOGE is more likely to reach $1 than SHIB to reach 1 cent. Furthermore, the fact that during 2021 DOGE’s price did at most x175 makes it really hard to imagine SHIB doing a further x208, after already doing x30.
In both cases, the largest percentage increases were made between January and May, and are the result of a context and a scenario that is difficult to repeat, especially given the past. Those jumps now really seem to belong to a past that may never happen again for these two tokens.
Moreover, in the past other altcoins had already recorded such leaps, and often in these cases such large and rapid increases were then followed by resounding declines, or long bearish periods.
For example, in 2017 the price of DOGE rose from 0.003 cents to over 1.6 cents in January 2018, but then fell back to 0.2 cents at the end of the year. The price then remained consistently around these levels until the end of 2020.
The post Lark Davis: Shiba Inu not going towards $0.01 appeared first on The Cryptonomist.
