Shiba Inu: Can SHIB Rally 117000% and Hit $0.01 by 2030?

Shiba Inu (SHIB) has finally overcome its $0.000008 resistance level, rallying over 23% over the last month and 8.5% in the previous week. However, despite the recent price spike, SHIB is up by only 6.4% since January 2023. Bitcoin (BTC), on the other hand, is up by over 120%, while Solana (SOL) and Chainlink (LINK) are up by over 300% and 160%, respectively. Nonetheless, SHIB fans and investors have not lost hope in the memecoin. Many anticipate the dog-themed crypto to pick up steam very soon.

Also Read: Shiba Inu: SHIB Team Member Reveals Plans for 2024-2025

Shiba Inu (SHIB) has finally overcome its $0.000008 resistance level, surging over 23% over the last month and 8.5% in the previous week.
Source: CoinGecko

Can Shiba Inu reach $0.01 by 2030?

For SHIB to reach a price of $0.01, it would have to grow by around 117000%. This level of growth is not something the project has not done. Between its launch in August 2020 and reaching its all-time high in October 2021, Shiba Inu rallied almost 67 million percent. Hence, a rally of 117k percent is not out of the question. However, SHIB’s rally in 2021 had a lot of other driving factors.

Also Read: Shiba Inu: SHIB Futures Surge Amid New Wallet Feature Reveal

Firstly, Ethereum (ETH) co-founder Vitalik Buterin had received half of Shiba Inu’s (SHIB) circulating supply when the project had launched. However, Buterin decided to burn 90% of the tokens he received. The burns led to a significant reduction of SHIB’s supply. The project would need to undertake a similar level of token burns if SHIB is to rally as it did in 2021. The team has said it is working on a new burn mechanism, rumored to destroy trillions of tokens yearly. However, the team has not given any tentative launch date.

Nonetheless, burns alone will not push the token’s price. According to Shiba Inu (SHIB) lead developer Shytoshi Kusama, the project would need a significant spike in adoption. The project recently launched its layer-2 network, Shibarium, which could lead to more applications built on SHIB and, hence, may lead to a rise in adoption.

Therefore, SHIB could reach a price of $0.01 by 2030, but there are conditions to reach this level. Firstly, the project will have to reduce its supply, and secondly, it would need to drive up mass adoption.

  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Internet Computer (ICP) Price Prediction, What Do the Charts Suggest Today?

Image
Join Our Telegram channel to stay up to date on breaking news coverage ICP is currently down by 7.89% within 24 hours, trading at $7.26 today, February 20. Last month, the Internet Computer token traded at $4.60 on January 14 before closing the market the same day at $5.05.  From January 15 to 26, ICP traded between $4 and $5 until January 27, when it rose to $6.05. From that day, the token recorded little rallies and pullbacks until February 17, when the price rose to $7.32. It has maintained this price level till today, February 20.  Also, ICP reached an intraday high of $8.17 on February 19 before closing at $7.33. Even though the bearish pressure today has pushed the price down by 11%, the ICP community is optimistic about its potential to gain.  Internet Computer Price Prediction  Source: Tradingview.com Internet Computer (ICP) price is recording a slight pullback in the market today. After it traded at $7.32 on February 17, forming a long green candle on the daily ch
Read more

Bitcoin dominance hits 6-month lows as metric proclaims new 'alt season'

Image
BTC currently makes up 41% of the total crypto market cap — its smallest market share since January. Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already "alt season." Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022. Bitcoin sheds market cap prowess After suffering at the hands of the Terra LUNA collapse, altcoin markets have rallied considerably in recent months.  Alongside Bitcoin's return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one which is now giving Bitcoin bulls a run for their money.  According to CoinMarketCap, Bitcoin's market cap share is now at its lowest since mid-January, with largest altcoin Ether (ETH) in particular stealing the limelight in recent weeks. From lows of 14.3% on June 19, Ethereum's market cap dominance now stan
Read more

Nic Carter Ranks Exchange Attestations And Proof-of-Reserves

Image
The top two crypto trading platforms by the proof-of-reserves score were Kraken and BitMEX, whereas Binance scored poorly due to its shortcomings. Bitcoin supporter Nic Carter has ranked the attestations supplied by some of the most well-known crypto trading platforms and published an in-depth review of centralized exchange proof-of-reserves. Carter thoroughly analyzed the proof-of-reserves from various exchanges (PoR). The cryptocurrency executive employed criteria including attestation to assets held and a declaration of liabilities, incorporation of a third-party auditor, establishing credibility by taking a PoR for all purchases, and commitment to a continuous process to identify which PoRs are of the highest quality. PoR scores of crypto exchanges. Source: Medium The top two cryptocurrency trading platforms were BitMEX and Kraken. Carter claims that Kraken, which used Armanino for its proof-of-reserves, provides clients with a “good level of confidence tha
Read more