2 Key Factors Pushing The Shiba Inu Price To $0.001 In 2024
Despite adaptations and efforts, Shiba Inu price hasn’t recovered the way it was supposed to. Shiba Inu, the second most-demand meme coin, has been wandering around at a low value for years now. However, hope has risen among investors as the analysts talk about Shiba Inu’s price to hit $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
Shiba Inu’s price is limited to $0.00002397 and is 72% away from its all-time high record of $0.00008845 set three years ago. In 2021, SHIB’s price surged by 45,000,000%, and a minor investment made traders millionaires. However, with the FTX fall, Shiba Inu has sunken to the bottom until now. With the bullish market condition at the beginning of 2024, Shiba Inu’s price and many other cryptocurrencies faced a boost. At that time. Shiba Inu peaked at $0.00003356, the highest value in three years.
Later, the price rally was halted by the declining market condition, which brought the value down. But with the recovery in conditions this week, SHIB price has also lifted, building the hopes of targeting the $0.001
Can Shiba Inu Price Hit $0.001?
Based on Shiba Inu’s price history, the target of $0.001 is way higher than its all-time high of $0.00008845. This ATH was set in the most bullish moments of Shiba Inu. Expecting a target of $0.001 is even more challenging as Shiba is bulls away from reaching the ATH. However, the last few improvisations and features like SHIB Burn, Shibarium, and surged demand for meme coins in 2024 could help the SHIB to surge in the upcoming days.
SHIB Burn
SHIB Burn is an initiative to remove a proportion of Shiba Inu supply to create demand. Like any meme, Shiba Inu was launched with a humongous total supply, getting in its way due to decreased demand in the market. With the SHIB burn mechanism, the team has reduced the total supply to 589.52T SHIB after burning 410T SHIB till now. In the last 24 hours only, around 6.3M $SHIB has been burnt.
If the supply of this dog-themed coin keeps reducing the same, the increased demand and stability will aid in its price rally.
Shibarium Network
Shibarium is the L2 network launched on the Ethereum blockchain to aid the Shiba Inu meme coin. It was built to provide three necessary benefits to the SHIB network, scalability, security, and efficiency. Shiba Inu’s creator, Ryoshi, introduced Shibarium as a way to transform it from a mere meme coin to a complete ecosystem, which includes being the decentralized exchange, running on metaverse, and drafting blockchain games like Shiba eternity.
From the moment of launch, Shibarium has achieved multiple grand milestones, improving its performance and increasing the Shiba Inu price. Just recently, it went through a Heimdall hard fork to boost transaction reliability on the network. With the completion of this hard fork, Shiba Inu’s price witnessed an instant 6% surge to $0.00002303.
In such a way, both the Shib Burn and the Shibarium network can aid in pushing the Shiba Inu price even further. Maybe not to the target of $0.001, but an impressive surge might be witnessed when the post-bitcoin halving rally turns the crypto market bullish.
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