LIVECan Shiba Inu [SHIB] Achieve Its 1 Cent Dream in 2024?
Shiba Inu (SHIB), known for its meme coin status and a fervent community, is under scrutiny as investors ponder the possibility of it reaching the elusive 1 cent mark in 2024. With the average price trading at $0.000009 on January 10, 2024, experiencing a 20% downturn since the start of the year, the path to this ambitious milestone appears challenging but not entirely implausible.
SHIB Holder Activity
In the past two weeks, Shiba Inu holders have shifted a substantial 5.27 trillion SHIB, equivalent to approximately $50 million, out of trading platforms and exchange-hosted wallets. Historical trends suggest that when the supply on exchanges diminishes significantly, SHIB prices often witness a rally. This ongoing transfer of SHIB from exchanges could potentially impact its price in the coming months.
The $0.01 Milestone
To reach the 1 cent milestone in 2024, Shiba Inu would need to surpass its all-time high price of $0.00007924, achieved in October 2021. Achieving this feat requires an astounding increase of 93,533%, a figure that may seem daunting but is not unprecedented in the cryptocurrency market.
Vitalik Buterin’s Role
Investors commonly believe that Vitalik Buterin’s burn activity in May 2021 fueled the previous rally. However, it’s crucial to note that Buterin did not burn $1.7 billion in SHIB to influence its price; this amount was part of the token’s initial allocation. The subsequent transfer of 90% of this allocation to the burn address did not directly impact the token’s price.
The question of whether Shiba Inu can reach $0.01 in 2024 remains uncertain, with various factors influencing its trajectory. While historical trends and past surges offer insights, the cryptocurrency market is inherently unpredictable. Investors and enthusiasts keenly observe SHIB’s movements, eagerly awaiting developments that could potentially propel it towards or hinder it from achieving the elusive $0.01 milestone.
