Will Shiba Inu (SHIB) Reach $0.01 in 2024?
As 2023 comes to an end, some cryptocurrencies are experiencing price growth while others are seeing a slowdown. Shiba Inu (SHIB) is one of the assets that has slowed down, leading investors to question whether it can rally to the desired psychological level of $0.01 in 2024.
In late November, Shiba Inu started a positive price trend, gradually increasing from $0.000008193 to $0.00001000. It reached this level multiple times in December and settled at $0.00001068 as of December 28.
What Does It Take for SHIB to Reach $0.01?
To reach $0.01, SHIB would need to surpass its all-time high price of $0.00007924, which it achieved in October 2021. This requires a staggering increase of 93,533%. While this figure may seem impossible, market trends teach us that anything is possible.
It’s worth noting that Vitalik Buterin’s burn in May 2021 did not directly impact SHIB’s price during the previous rally. The burn was part of the token’s initial deployment, and the subsequent transfer of funds did not affect its value.
The surge in price observed in May 2021 was driven by increased demand as more individuals discovered and invested in SHIB. Additionally, the fact that half of the token’s supply was held by Vitalik Buterin contributed to its significant increase since launch.
Considering the circulating supply on November 24, Shiba Inu would have reached a value of $0.000424 per token at its peak market capitalization. Achieving its previous all-time high and reaching the $0.01 benchmark would require increased investment in the token.
Shiba Inu Price Analysis and Prediction
According to the AI algorithms used by CoinCodex, a cryptocurrency analytics platform, Shiba Inu is not expected to reach $0.01 in the foreseeable future. The predictions extend to 2050, with the furthest projection indicating a price of $0.000418 for SHIB.
Currently, SHIB is trading at $0.00001058, experiencing a slight decrease of 0.76% on the day. However, it has seen a 2.47% increase over the week and a 29.85% advance on its monthly chart as of December 28.
While indicators suggest that SHIB may not reach the $0.01 threshold anytime soon, it’s important to remember that the market environment is volatile and subject to change. Developments in the future could potentially have a positive impact on the price of this meme coin.
Hot Take: Shiba Inu’s Journey to $0.01
As Shiba Inu experiences a slowdown in its price growth, many investors are skeptical about whether it will ever reach $0.01 in 2024. The required increase of 93,533% seems daunting, but market trends have shown that anything is possible in the world of cryptocurrencies.
Although previous rallies were not directly influenced by Vitalik Buterin’s burn, increased demand and the significant holdings of Vitalik Buterin himself contributed to SHIB’s surge in value since its launch.
CoinCodex’s AI algorithms do not predict SHIB reaching $0.01 in the foreseeable future, but it’s important to keep in mind that market conditions can change rapidly. While the road to $0.01 may be challenging, developments in the future could potentially bring positive momentum for Shiba Inu.
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