Shiba Inu, the popular meme coin, has faced a challenging market environment, dropping 50% from its annual peak of $0.000045 recorded on March 5. Despite this downturn, SHIB has shown resilience, maintaining a high that matches its value from two years ago and achieving a significant 116% increase since the start of the year.
Multiple market analysts believe that Shiba Inu holds the potential for a substantial price increase. They base their optimism on its current trajectory and emerging factors within its ecosystem. Additionally, significant discussions within the crypto community last year highlighted possible price surges spurred by enhanced utility and an expanding network.
Particularly, the adoption of Shibarium, Shiba Inu’s layer-2 blockchain solution, along with sustained efforts to reduce the coin’s circulating supply through burns, are central to its potential ascent to the $0.001 price level. In June of last year, AI platforms Google Bard, now known as Gemini, and Microsoft Bing contributed to these discussions, suggesting a possible, albeit challenging, rise to this price point within the existing market cycle.
Moreover, in August, CrowdWisdom released an analysis indicating that a major hurdle for Shiba Inu reaching the $0.001 mark is its vast supply. The report detailed that an unprecedented event in burning Shiba tokens could trigger such a price surge.
Further projections suggest that if Shibarium could effectively burn 9 trillion SHIB each month, the reduced supply could set the stage for reaching the $0.001 target within four years. Armando Pantoja, a well-regarded crypto analyst, recently affirmed a more optimistic timeline, expecting Shiba Inu to hit this target in 12 to 18 months, potentially aligning with the upcoming Bitcoin halving event.
As of press time, Shiba Inu is $0.00002278 up by 4% as the bullish momentum prevails. SHIB has been trading on a descending channel over the past week, recording a decline of 17%. The bullish resurgence has been accompanied by a rise in the market cap and trading volume, which is currently standing at $13.14 billion and $628 million, respectively.
