Predicting SHIB's Future: $0.05 by 2024?

• Shiba Inu (SHIB) Outlook Following Recent Market Correction
• The Aspirations of the SHIB Army
• Shiba Inu's Journey to $0.05: An Uphill Battle
• The Role of Token Burn in Shiba Inu's Price Rally
• Shibarium Network's Automatic Burns and Its Impact on SHIB's Value

Shiba Inu (SHIB) Outlook Following Recent Market Correction

Shiba Inu$0.000010 -2.05% (SHIB), along with the broader cryptocurrency market, has experienced a notable correction in recent days. Despite this, the celebrated memecoin regained a zero that it had previously lost towards the end of 2023. Enthusiasts and investors alike maintain optimism that SHIB will regain momentum in the coming months.

The Aspirations of the SHIB Army

Shiba Inu (SHIB) supporters, widely known as the SHIB Army, have long sought an increase in SHIB's value. Drawing parallels to the case of Dogecoin$0.091 -0.42% (DOGE), which faced initial scepticism upon its 2013 launch, it was only when DOGE surpassed the $0.7 mark that a buying fever, driven by the Fear Of Missing Out (FOMO), ensued. A similar scenario could potentially develop if SHIB follows a comparable trajectory.

Shiba Inu's Journey to $0.05: An Uphill Battle

Although the road to $0.05 may appear arduous, it would represent a growth of approximately 555,455% from current rates. While this figure might seem staggering, it isn't uncharted territory for the project. From its inception in August 2020 to its peak in October 2021, SHIB's price experienced a monumental rally. For SHIB to replicate its 2020-2021 upward trend, certain conditions need to be met.

The Role of Token Burn in Shiba Inu's Price Rally

In the midst of its 2020-2021 rally, Ethereum$2,315 -2.42% co-founder Vitalik Buterin burnt half of Shiba Inu's (SHIB) supply, which he had received upon the project's launch. He then chose to burn 90% of the remaining supply, donating the rest to charity. This large-scale burn significantly influenced SHIB's price. It is essential for the project to execute a similar burn to stimulate a price rally.

Shibarium Network's Automatic Burns and Its Impact on SHIB's Value

The Shiba Inu (SHIB) team recently announced that the Shibarium network will start to automatically carry out burns. Moreover, SHIB team member Lucie previously stated the project's objective to burn 111 trillion tokens annually, or approximately 10 trillion tokens per month. If this burn rate is maintained, SHIB's price could potentially see a surge.

However, to reach the $0.05 mark, a significant portion of SHIB's supply needs to be obliterated. Implementing such an extensive token burn within a single year may seem somewhat ambitious. Consequently, the $0.05 target may not be achieved by 2024. Nevertheless, if the project maintains its burn initiative, this target could be reached in due course.

Edited by Jonathan Stoker