“Indeed, it could reach $0.00001816, which coincides with the 27.2 percent Fibonacci extension level.”

However, since there’s little to no price history for an asset like SHIB, it’s essential to consider the downsides of investment before putting your money in.

Senior investment and markets analyst at Hargreaves Lansdown, Susannah Streeter, warned against investing in SHIB.

She said: “The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.

“It features the same dog which became a meme and aims to replicate Dogecoin’s success of turning a joke into a money making machine.”