Predicting the Future: Will SHIB Hit $0.01 by 2024?

• Shiba Inu's Quest for the $0.01 Milestone by 2024
• Is a $0.01 Target Feasible in 2024?
• Token Burn: A Necessary Step Towards $0.01
• Stagnant Adoption Rate
• Conclusion
• Shiba Inu's Current Market Position

Shiba Inu's Quest for the $0.01 Milestone by 2024

Since its introduction into the crypto market in August 2020, Shiba Inu$0.000010 -2.05% (SHIB) has built an enthusiastic community of approximately 1.3 million holders. Many of these holders have long aspired for the token to reach the $0.01 mark. However, three years on, the target remains elusive. This raises the question, is it likely for SHIB to attain this milestone by 2024?

Is a $0.01 Target Feasible in 2024?

Attaining the $0.01 mark by 2024 seems to be a colossal challenge. Indeed, some might argue that a catastrophic global event occurring next year has a better likelihood than Shiba Inu's achievement of the 1-cent milestone. There are various dynamic factors that make this target a difficult one.

Token Burn: A Necessary Step Towards $0.01

The initial requirement for SHIB's price to move towards $0.01 is a significant reduction of its existing supply, achieved through token burns. Though the Shiba Inu project has plans to start burning tokens via Shibarium, their own layer-2 solution, starting January 2024, the actual number of tokens to be burned remains undisclosed. As a result, the probability of SHIB surpassing $0.01 is, at present, slim.

Stagnant Adoption Rate

Another major concern is the stagnant holder count. Over the past six months, the number of SHIB holders has remained at around 1.3 million, with very few additions of new or first-time investors. This scenario has led to a decline in the token's adoption rate, leaving its price and burn rate in a standstill.

Conclusion

Given current circumstances, it seems that Shiba Inu hitting $0.01 in 2024 could be considered a case of unrealistic optimism. The existing odds do not favor the chances of such an event. It would take an extraordinarily fortuitous event to propel SHIB to achieve this benchmark next year.

Shiba Inu's Current Market Position

As of the latest update, Shiba Inu has a trading value of $0.00000975, reflecting a nearly 3% drop in the past 24 hours. Furthermore, it is down by almost 89% from its all-time high of $0.00008616, achieved in October 2021.

Edited by Jonathan Stoker