Will Shiba Inu (SHIB) Reach $0.1 by 2024?
Date: 2023-12-29 Author: Dima Zakharov Categories: BLOCKCHAIN
Shiba Inu (SHIB), the meme-inspired cryptocurrency, has been experiencing a slowdown in its price growth, leaving investors uncertain about its future prospects. The question on everyone's mind is whether SHIB can achieve the elusive $0.01 milestone by the year 2024.
Towards the end of November, SHIB's price began to rise, gradually climbing from $0.000008193 to a significant level of $0.00001000. In December, the token touched this level several times and, as of December 28th, consolidated around $0.00001068.
To reach this coveted level, SHIB needs to surpass its all-time high of $0.00007924, which was reached in October 2021, and grow by an astonishing 93,533%.
While many investors attribute the previous rally to token burns by Vitalik Buterin, it's worth noting that he did not destroy $1.7 billion in SHIB. The notable price surge in May 2021 can be explained by the retail investor frenzy.
As of May 6, 2021, SHIB experienced a fivefold increase in price, according to the Shibburn cryptocurrency burn tracker from September 6.
However, artificial intelligence algorithms used by the cryptocurrency analysis platform CoinCodex do not confirm that Shiba Inu's price will reach $0.01 in the foreseeable future. Their projection extends to the year 2050, with the most distant forecast suggesting a SHIB price of $0.000418.
The current price of SHIB stands at $0.00001056, and various indicators suggest that the token is unlikely to approach the 1-cent threshold in the near term.
