Shiba Inu (SHIB), recognized for its status as a meme coin and a dedicated community, is currently being closely examined as investors contemplate the feasibility of it reaching the elusive 1-cent milestone in 2024. As of January 10, 2024, the average price stands at $0.000009, reflecting a 20% decline since the beginning of the year. While the journey toward this ambitious goal seems challenging, it remains within the realm of possibility.
Over the past fortnight, Shiba Inu holders have moved a substantial 5.27 trillion SHIB, equivalent to around $50 million, out of trading platforms and exchange-hosted wallets. Historical patterns indicate that significant reductions in the supply on exchanges often lead to rallies in SHIB prices. The continuous transfer of SHIB from exchanges could potentially influence its price in the months ahead.
Shiba Inu [SHIB] and the $0.01 Ambition
To attain the 1 cent milestone in 2024, Shiba Inu must surpass its previous peak price of $0.00007924, recorded in October 2021. Achieving this requires an extraordinary surge of 93,533%, a seemingly formidable figure that, nonetheless, is not unprecedented in the cryptocurrency market. Many investors attribute the prior rally in May 2021 to Vitalik Buterin’s burn activity, although it’s crucial to clarify that Buterin did not burn $1.7 billion in SHIB to manipulate its price; this amount was part of the token’s initial allocation.
The subsequent transfer of 90% of this allocation to the burn address did not directly impact the token’s price. The notable increase in SHIB’s price in May 2021 can be attributed to heightened demand as more individuals discovered and invested in the token. With approximately half of the token’s supply already held by Vitalik Buterin, there was a remarkable increase of 46,000,000% since its launch. As indicated by the burn tracker Shibburn on X on Sept. 6, SHIB has sustained a fivefold increase since May 6, 2021.
Considering SHIB’s circulating supply on November 24, achieving a value of $0.01 per token would necessitate a substantial increase in investment, presenting a considerable challenge, particularly given the current trading price and historical trends. Reaching the previous all-time high itself demands heightened interest and investment in SHIB, making the $0.01 benchmark an even more formidable goal. The uncertainty persists regarding whether Shiba Inu can reach $0.01 in 2024, with various factors influencing its trajectory.
While insights can be gleaned from historical trends and past surges, the inherently unpredictable nature of the cryptocurrency market keeps investors and enthusiasts closely monitoring SHIB’s movements, eagerly anticipating developments that could potentially drive it toward or impede it from achieving the elusive $0.01 milestone.