The Game-Changing Factor That Could Take Shiba Inu to $0.01
Shiba Inu (SHIB) was among the few crypto assets that made headlines during the bull run in 2021. In particular, the decentralized meme token touched its all-time high of $0.00008845 in October of that year, according to data on Coinmarketcap.
But as investors began to take profits, SHIB has been on a downtrend in the last two years, down 89.77% from its all-time high at the time of writing. Notably, SHIB has been trading below $0.00002 in the past year despite the many market-wide bullish seasons and massive token burns.
Regardless, the teeming ShibArmy are hopeful that the popular meme token would reach $0.01 sometime in the future. To hit this predicted target, SHIB would have to stage a surge of approximately 1000x from its current exchange rate.
While this projection appears to be a wild dream given the hyperinflated supply of Shiba Inu, it should not be forgotten in a hurry that SHIB did a 3,743x increase in 2021. However, the pump was triggered by the 410 trillion SHIB token burns executed by the Ethereum creator Vitalik Buterin.
Shibarium to put SHIB on the road to $0.01
Generally, SHIB would need a lot of utility to be created for it to record any sustained price increase. Among the projects expected to contribute largely to the growth of SHIB is Shibarium. The project is designed to attract more developers and investors to the second-largest meme token project by market capitalisation.
Shibarium is a layer-2 scaling solution that seeks to make transactions on the Shiba Inu network faster and cheaper. The project which is expected to be launched on mainnet this year promises to burn 70% of funds derived as transaction fees.
That is, millions of SHIB tokens would be taken out of circulation steadily courtesy of Shibarium. The more tokens burned, the lower its total supply and the higher the chances of getting to $0.01.
Already several projects have shown interest in Shibarium including NOWNodes, a blockchain-as-a-Service platform which intends to offer validator services on the layer-2 network. Therefore, Shibarium is picked as the game-changing factor because it has the potential to draw the attention of deep-pocketed investors to SHIB as well as foster development in the project ecosystem.
With other projects such as Shibaswap 2.0 and SHIB Metaverse being rolled out, the future can be said to be bright for SHIB. However, it is important to tread with caution when investing in any crypto asset.
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