As 2023 approaches its conclusion, certain assets within the cryptocurrency market continue to witness price growth, while others are experiencing a deceleration in their gains compared to previous weeks.
Shiba Inu (SHIB) is among those exhibiting a slowdown, prompting investors to contemplate whether it will achieve a rally to the desired psychological level of $0.01 in 2024.
Shiba Inu initiated a positive price trend in late November, consistently ascending from $0.000008193 to the significant threshold of $0.00001000. It reached this level multiple times in December and consolidated at $0.00001068 as of December 28.
Can SHIB reach $0.01 in 2024?
For this to happen, SHIB would need to surpass its all-time high price of $0.00007924, which it reached in October 2021, and for it to reach $0.01, an increase of a staggering 93,533% is required, a figure that may seem impossible to many, but market trends teach us that anything is possible.
Many investors think that Vitalik Buterin’s burn drove the previous rally, but it is important to note that he did not burn $1.7 billion in SHIB in May 2021 to influence its price then. The mentioned amount was allocated to him when the token was initially deployed. The subsequent transfer of 90% of this allocation from one wallet to another (the burn address) months later does not directly impact the token’s price.
The notable surge in price observed in May 2021 can be attributed to heightened demand as more individuals discovered and invested in this token.
Notably, approximately half of the token’s supply was already held by Vitalik Buterin, which may have contributed to the significant increase in the token’s value, climbing 46,000,000% since its launch. Importantly, SHIB has sustained a fivefold increase since May 6, 2021, as per a post from the burn tracker of this crypto, Shibburn, on X on September 6.
Considering the SHIB circulating supply on November 24, Shiba Inu would have reached a value of $0.000424 per token at its peak market capitalization. Notably, this marks an increase of $0.000175 (70%) from the earlier price of $0.000249 in 2021. Achieving its previous all-time high would necessitate increased investment in the token, let alone reaching the $0.01 benchmark.
However, investors’ trust seems to be decreasing. As of November, a significant withdrawal has been observed, totaling over 8 trillion Shiba Inu tokens (SHIB) from recognized cryptocurrency exchange wallets. This substantial withdrawal represents an estimated valuation of approximately $88 million, per a post from crypto analyst Ali Martinez on December 24.
Shiba Inu price analysis and prediction
the artificial intelligence (AI) algorithms utilized by the cryptocurrency analytics platform CoinCodex do not anticipate Shiba Inu reaching $0.01 in the foreseeable future. These predictions extend to 2050, with the furthest projection indicating a price of $0.000418 for SHIB, which falls short even at that distant time.
Meanwhile, SHIB was at press time changing hands at the price of $0.00001058, down 0.76% on the day, while holding onto the 2.47% increase across the week and a 29.85% advance on its monthly chart, according to the most recent information retrieved on December 28.
As many indicators tell the story of SHIB not moving near the 1 cent threshold anytime soon, it is important to remember that the market environment is volatile and forever changing. Developments might bring a positive push for the price of this meme coin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
