- Launched in August 2020, Shiba Inu (SHIB) has amassed over 1.3 million holders, but the likelihood of the cryptocurrency reaching the $0.01 mark by 2024 is deemed extremely low, akin to “wishful thinking.”
- For SHIB to achieve the $0.01 target, significant token burns are required, but with Shibarium’s burn plan set to start in January 2024, the exact burn numbers are uncertain, leaving the potential price increase in question.
- SHIB’s stagnant holder count for six months, combined with a dwindling adoption rate, has kept the token’s price and burn rate static. Currently, SHIB is trading at $0.00000975, down nearly 3% in the last 24 hours and 89% from its all-time high in October 2021.
Ever since its launch in August 2020, the meme cryptocurrency Shiba Inu (SHIB) has captured the hearts and wallets of over a million investors. With eyes set on the coveted $0.01 mark, the community wonders if 2024 could be the year SHIB makes this dream a reality. Let’s dive into the factors that could influence SHIB’s journey to one cent.
Shiba Inu’s Elusive $0.01 Goal
- The $0.01 target is ambitious for SHIB, with current market dynamics not favoring such a leap.
- Token burning is essential, and although planned, the impact remains uncertain.
- Stagnant holder numbers suggest limited new investment and adoption.
- A miracle might be needed for SHIB to hit the 1-Cent mark by 2024.
Token Burning and Market Dynamics
- Trillions of SHIB tokens need to be burned to reduce supply and potentially increase value.
- Shibarium’s launch could initiate token burns, but exact figures are yet to be disclosed.
- The effectiveness of these burns in significantly raising SHIB’s price is still in question.
Investor Base and Adoption Rate
- SHIB’s constant holder count at 1.3 million for the past six months indicates slowed growth.
- New investors are trickling in at a minimal pace, leading to reduced token demand.
- Without fresh investment and wider adoption, price acceleration seems unlikely.
Current Price and Market Sentiment
- SHIB trades at $0.00000975, showing a decline in the recent 24-hour trade window.
- The token is significantly down from its peak in October 2021, hinting at a bearish trend.
- Market sentiment reflects skepticism about the possibility of SHIB reaching $0.01.
As it stands, the Shiba Inu community might have to hold on a bit longer for their 1-Cent dream. The combination of necessary token burns, increasing investor numbers, and market acceptance will play a pivotal role in defining SHIB’s future price. For now, the path to $0.01 is fraught with challenges, and only time will tell if SHIB can overcome them by 2024.
