Will Shiba Inu [SHIB] Hit the 1 Cent Mark by 2024?

• Shiba Inu (SHIB): The 1 Cent Milestone in 2024
• SHIB Holder Activity
• The $0.01 Milestone
• The Role of Vitalik Buterin
• May 2021 Price Surge and Circulating Supply
• Challenges Ahead
• Can Shiba Inu Reach $0.01 in 2024?

Shiba Inu (SHIB): The 1 Cent Milestone in 2024

Shiba Inu$0.000010 -2.05% (SHIB), recognized for its meme coin status and a passionate community, is being examined closely by investors who are assessing the likelihood of it achieving the 1 cent mark in 2024. Currently, the average price is trading at $0.000009 as of January 10, 2024, reflecting a 20% drop since the beginning of the year. While the route to this ambitious target appears challenging, it is not altogether impracticable.

SHIB Holder Activity

In the previous two weeks, Shiba Inu holders have transferred a significant 5.27 trillion SHIB, which is equivalent to roughly $50 million, away from trading platforms and exchange-hosted wallets. Historical data indicates that when the supply on exchanges decreases substantially, SHIB prices frequently experience a rally. This ongoing movement of SHIB away from exchanges could potentially influence its price in the forthcoming months.

The $0.01 Milestone

To attain the 1 cent milestone in 2024, Shiba Inu would need to exceed its all-time high price of $0.00007924, reached in October 2021. This accomplishment necessitates an extraordinary increase of 93,533%, a number that might appear intimidating, but is not unheard of in the cryptocurrency market.

The Role of Vitalik Buterin

It is a common belief among investors that Vitalik Buterin's burn activity in May 2021 sparked the previous rally. However, it is important to clarify that Buterin did not burn $1.7 billion in SHIB to manipulate 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 affect the token's price.

May 2021 Price Surge and Circulating Supply

SHIB's price surge in May 2021 can be linked to a rise in demand as more people became aware of and invested in the token. Roughly half of the token's supply was already in the possession of Vitalik Buterin, leading to an extraordinary increase of 46,000,000% since its introduction. SHIB has maintained a fivefold increase since May 6, 2021, as indicated by the burn tracker Shibburn on X on Sept. 6.

Challenges Ahead

Taking into account SHIB's circulating supply as of November 24, reaching a value of $0.01 per token would necessitate a significant increase in investment. This presents a significant obstacle, especially in light of the current trading price and past trends. Achieving the previous all-time high demands heightened interest and investment in SHIB, making the $0.01 milestone an even greater challenge.

Can Shiba Inu Reach $0.01 in 2024?

The question of whether Shiba Inu can reach $0.01 in 2024 is still uncertain, with various factors affecting its course. While historical trends and previous surges provide some insight, the cryptocurrency market is fundamentally unpredictable. Investors and enthusiasts are closely watching SHIB's movements, eagerly awaiting any developments that could push it towards or prevent it from reaching the elusive $0.01 milestone.

Edited by Jonathan Stoker