Popular analyst and investor Lark Davis said the Shiba Inu (SHIB) will never reach $1. Therefore, the SHIB community has dashed SHIBArmy’s hopes. Here are the details…
Lark Davis says “it will never be a dollar” for SHIB
Shiba Inu (SHIB) has positioned itself as one of the most notable assets in the crypto ecosystem. It has always fought against the status of a “meme coin”. Despite being the 13th largest cryptocurrency by market cap, Shiba is far from $1. However, some proponents of the asset hold onto the hope of a $1 price in the future. Others had a more negative view, stating that the asset would never reach this value. Famous crypto investor Lark Davis was the latest to make a statement in this direction.
$shib pic.twitter.com/kKFKSx3J1T
— Lark Davis (@TheCryptoLark) September 13, 2022
Davis used Twitter to show his opinion of the asset’s price action via a meme. The drawing depicts the famous meme of an adventurer in an exhaustive search for the “scroll of reality.” According to Davis’ version of the meme, the parchment says, “SHIB Will Never Be $1.” The image that Davis shared earlier on Tuesday shows the successful crypto analyst’s view of the asset. This view remained widespread among most advocates, despite SHIBArmy’s hopes.
Shiba Inu remains firm in the market
Despite bearish assumptions, the Shiba Inu has managed to hold up against the intense bear market. On September 7, it fell to $0.00001183 (the lowest value of the asset this month). The asset then rose over 16 percent in two days to $0.00001379 on September 9. Although Shiba’s rally faced some rejections in the $0.00001380 region, the asset is comfortably trading above the $0.0000012 level. Launched in August 2020, the Shiba Inu is on the top 15 cryptoassets list due to its huge supply.
The total supply of SHIB is 589.63 trillion. According to some, this may be the biggest obstacle to the price of Shib reaching $1. However, with currently $7 billion market cap, SHIB remains the 13th largest cryptocurrency by market cap. It stands above leading assets like Stablecoin Dai (DAI), Avalanche (AVAX), Tron (TRX), and Ethereum Classic (ETC).
The CoinMarketCap community has predicted a price of $0.00001106 for Shiba by the end of 2022. The estimated value marks a 13 percent decrease from the current price of the asset. However, the Shiba Inu accumulation trend has been on the rise recently. As we reported on cryptokoin.com, the biggest Ethereum whales collected 536 billion SHIB yesterday, worth over $7 million.
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