harboring a strong secrecy factor, seeing this memecoin reach the one cent, US$0.01 level, which is difficult to achieve.
Currently, Shiba Inu is worth US$0.00000726 according to CoinGecko data, it seems he is still far from this coveted goal. However, the community remains steadfast in its unwavering hope.
Observing the Latest Price Trends
P5r34u3i 3ujfe$a quick check of recent price trends reveals the major challenges facing this major memecoin. In the last 24 hours, the token experienced a small decline of 0.4 percent, although in the last seven days, its price rose by 0.6 percent.
This raises a relevant question, namely how can this Doge killer close the huge gap between its current valuation and the coveted one cent achievement?
SHIB Secret Factor
Utility Expansion
Bitcoinist reports that, one potential path to increase the value of SHIB is to expand its utility.
By creating real-world use cases and applications for SHIB outside of the memecoin realm, its demand, and therefore, its price could rise.
Initiatives such as Shibarium, a decentralized exchange and blockchain platform, seek to contribute to this expansion by providing decentralized applications (dApps) and smart contracts, which have the potential to add intrinsic value to SHIB.
Market Sentiment and Regulatory Considerations
Market sentiment and regulatory factors are crucial in SHIB's journey.
Positive sentiment within the community, along with clear and supportive regulations, has the potential to attract more investors and traders, ultimately pushing the price up.
On the other hand, negative sentiment or strict regulatory measures could hinder SHIB's progress.
A Glimpse into Its Long-Term Potential
Despite these influencing factors, some predictions indicate that the one-cent goal may remain difficult to achieve.
For example, CoinCodex's prediction in July that SHIB would reach US$0.0001 by 2050 implied an increase of 3,600 percent from its current value.
While such a jump would be significant, it would still fall short of the coveted penny. These kinds of predictions raise doubts about the possibility of SHIB achieving its desired goals in the next decade.
An important factor to consider in SHIB's journey is Shibarium's ability to burn trillions of tokens annually.
The success of this mechanism in significantly reducing the token supply is the key to making Shiba Inu's dream of reaching one cent a reality.
A delicate balance between supply and demand is a key ingredient in SHIB's pursuit of the one cent milestone. Lets watch.