Shiba Inu (SHIB) stands out as one of the most widely recognized cryptocurrencies in the market. Nevertheless, its value has faced challenges throughout the year 2023. Since the beginning of January, the token has experienced a modest increase of approximately 22%, in stark contrast to other cryptocurrencies like Bitcoin (BTC), which have witnessed substantial gains exceeding 150%.
Additionally, earlier this year, SHIB underwent a significant launch of its layer-2 network, although it did not yield the anticipated surge in the token’s price. Despite its underwhelming performance in 2023, optimistic supporters anticipate a potential upswing for SHIB during the upcoming bullish market cycle anticipated in 2024.
Can Shiba Inu Overcome Challenges
Achieving a price of $0.001 for SHIB would represent an impressive growth of approximately 10,000% from its current levels, promising substantial returns for even small investments. However, attaining this target poses a considerable challenge. According to Changelly, Shiba Inu (SHIB) is projected to reach a maximum price of $0.0000169983 in 2024, signifying a more modest growth of around 71% from its current value.
The platform does not foresee SHIB surpassing the $0.001 threshold before 2032. The primary obstacle hindering Shiba Inu’s (SHIB) ascent to $0.001 is its substantial supply, currently standing at around 589 trillion. Reaching $0.001 would create an exceptionally large market. Yet, the SHIB team has disclosed ongoing efforts to implement a new burn mechanism aimed at significantly reducing the token’s supply. Additionally, a recent hard fork of the Shibarium network has been undertaken to enhance token burns.
Speculation suggests that the new burn mechanism could eliminate trillions of tokens annually. If successful, this initiative might expedite the achievement of the $0.001 target. However, realizing this goal by 2024, during the anticipated next bull run, appears unlikely.