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July 1, 2022
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Lark Davis: Shiba Inu not going to $0.01

According to crypto investor Lark Davis, the Shiba Inu’s price isn’t going to $1 or 1 cent.

Davis has nearly 600,000 Twitter followers and a YouTube channel with over 400,000 subscribers, making him a popular source of information in the world of cryptocurrencies.

Shiba Inu (SHIB) has just registered its new record of 0.048 thousandths of a dollar and, in fact, it is still far from being a penny.

Expressed in cents, your current price would be 0.0048, or less than 1% of a penny. To be worth a penny, the price would have to rise 208 times from today’s high.

Although the price of SHIB has already risen 552,292 times in the last 12 months, taking as a reference the values ​​of 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 take $1 as a reference, it should increase 28,000 times, that is, much more.

Dogecoin as Shiba Inu.

A similar argument could be made for Dogecoin, whom Shiba Inu would like to be a direct rival.

Dogecoin crossed the 1 cent mark in late January, being worth 0.26 cents a year ago. In recent months, its price has increased 100-fold, so that it is now worth nearly 27 cents.

For Dogecoin, the benchmark is $1, and its highest price, hit on May 8, was about $0.7, or 70 cents.

Therefore, DOGE is more likely to reach $1, than SHIB to reach $1 cent. Also, the fact that during 2021 the DOGE price peaked at x175 makes it really hard to imagine SHIB doing more x208 after having already done x30.

In both cases, the highest percentage increases occurred between January and May and are the result of a context and a scenario that is difficult to repeat, especially in the past. These jumps now really seem to belong to a past that may never happen again, for these two tokens.

In addition, in the past, other altcoins had already seen such jumps, and often in these cases, these big and rapid increases were followed by resounding declines or long periods of lows.

For example, in 2017, the price of DOGE rose from 0.003 cents to over 1.6 cents in January 2018, but dropped to 0.2 cents by the end of the year. The price then remained consistently around these levels until the end of 2020.

Source: cryptonomist

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