2 Key Factors Pushing The Shiba Inu Price To $0.001 In 2024

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As a researcher with experience in the cryptocurrency market, I’ve closely followed Shiba Inu’s price movements over the years. It’s disheartening to see how far it has fallen from its all-time high and the missed opportunities for investors who jumped in during the 2021 bull run. However, recent developments and analyst predictions give reason for optimism.

Despite attempts at adaptation and improvement, the price of Shiba Inu hasn’t bounced back as anticipated. Shiba Inu, a well-liked meme coin coming in second place, has been hovering around low values for quite some time. However, optimism is growing among investors as analysts predict Shiba Inu’s price could reach $0.001 this year.

In this blog, let us discuss the key factors pushing the Shiba Inu price to $0.001.

Shiba Inu Price Analysis

The price of Shiba Inu is currently capped at $0.00002397, representing a significant drop of 72% from its all-time high of $0.00008845, which was reached three years ago. In an astounding turn of events in 2021, Shiba Inu’s value skyrocketed by over 45 million percent, making even small investments worth millions for early traders. However, following the collapse of FTX, Shiba Inu plummeted to record lows. With an optimistic market outlook at the start of 2024, Shiba Inu and numerous other cryptocurrencies experienced a surge. At that time, Shiba Inu reached its highest value in three years, peaking at $0.00003356.

The market downturn later caused a halt in SHIB‘s price rally. However, with this week’s market improvement, SHIB’s value has rebounded, giving investors reason to aim for a $0.001 price point.

2 Key Factors Pushing The Shiba Inu Price To $0.001 In 2024

Can Shiba Inu Price Hit $0.001?

As a researcher studying Shiba Inu’s price history, I have noticed that the proposed target of $0.001 is significantly higher than its all-time high of $0.00008845. This all-time high was reached during the most bullish moments for Shiba Inu. To reach a target of $0.001 at this point, when Shiba Inu is currently moving away from reaching that previous high, seems particularly challenging. However, recent developments such as SHIB Burn, Shibarium, and an increased demand for meme coins in 2024 could potentially help propel SHIB to new heights.

SHIB Burn

The Shiba Inu team’s initiative, known as SHIB Burn, aims to eliminate a portion of the circulating supply to stimulate demand. Launched with an oversized total supply, Shiba Inu faced a challenge due to reduced market demand. By implementing the SHIB burn mechanism, the team has decreased the overall supply to approximately 589.52 trillion SHIB, having burned around 410 trillion SHIB so far. Within the last day, roughly $6.3 million worth of SHIB tokens have been destroyed through this process.

If the number of dog-themed coins in circulation continues to decrease, the resulting increase in demand and market stability could lead to a rise in their prices.

Shibarium Network

As an analyst, I would describe Shibarium in this manner: I, as an observer, note that Shibarium represents Ethereum‘s L2 solution, specifically designed for the Shiba Inu (SHIB) meme coin community. This network aims to address three critical aspects essential for its growth: scalability, security, and efficiency. The creator of SHIB, Ryoshi, unveiled Shibarium as a transformative initiative to elevate SHIB beyond its meme status. It envisions the development of a comprehensive ecosystem, encompassing a decentralized exchange, metaverse integration, and creation of blockchain games such as Shiba Eternity.

Starting from its debut, Shibarium has made significant strides, enhancing its functionality and sending Shiba Inu’s value soaring. Most recently, it underwent a Heimdall hard fork to enhance transaction dependability within the network. Following this upgrade, Shiba Inu’s price experienced a swift 6% rise, reaching a peak of $0.00002303.

Through their interconnected actions, the Shib Burn and Shibarium network have the potential to significantly contribute to a price increase for Shiba Inu, potentially surpassing current gains even if the $0.001 target isn’t met. A substantial upward trend could become apparent when the bullish crypto market is reignited following the post-bitcoin halving rally.

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2024-05-20 20:04