Shiba Inu price prediction: Will SHIB reach $1? Not according to experts

Shiba Inu (SHIB/USD) surged last week, currently ranking 17^th by market cap. Tesla CEO Elon Musk spurred the altcoin with an unrelated tweet. SHIB may have seen unprecedented gains, but at least one analyst has warned against overly high hopes.

Yesterday, there was a dramatic slump in SHIB's value. According to CoinMarketCap, it was changing hands for $0.00002818, marking a drop of 3.84 percent.

Don Guo, CEO of Broctagon, said in an interview with Express.co.uk:

The expert added that in light of current trends, Shiba is more likely to hold its value of less than a fraction of a cent. He suggests using Dogecoin (DOGE/USD) to estimate SHIB's potential growth because both coins are coming from the same place: the 2014 Doge meme. Don Guo explained:

Meme coins extremely vulnerable to influencer position

Shiba Inu’s status of a meme coin makes it highly vulnerable to influencer opinion. A single Musk tweet can change markets within very short times frames. One notable surge in its price came after Musk tweeted pictures of his Shiba Inu puppy Floki, which led to the creation of another meme coin, Flokitoken.