Considering the seemingly bearish stronghold that appears to be hindering most crypto projects’ price ascent, including the number one cryptocurrency, Bitcoin (BTC), which has long remained stuck below the $30,000 price mark, crypto enthusiasts remain hopeful of a possible turnaround in fortunes.
Amidst all these prevailing market conditions and other factors, Shiba Inu (SHIB), the second-largest dog-themed token still appears to show a glimpse of its potential ascent to the $0.01 price level.
The digital token attained its price all-time high of $0.00008616 on October 28, 2021. Since then, the digital asset has been struggling to print similar trends to its all-time high.
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What might then be hindering Shiba Inu from breaking its previous ATH? In our books and based on other speculations, SHIB could go on to break its previous ATH and possibly attain a projected $0.01 level.
Based on SHIB’s current price of $0.0000090, an ascent to a potential $0.01 price level would imply an increase of approximately 111,111%, which seems feasible, considering some important factors.
Shibarium’s Impact On The Shiba Inu Ecosystem
Shibarium is the anticipated Shiba Inu layer 2 blockchain upgrade projected to grace the SHIB metaverse with massive potential, making it crucial for its possible ascent to the $0.01 price region.
Notably, Jon, the CEO of Moneyzine.com, a financial firm providing economic and monetary advice to its users, noted that Shibarium will make trading SHIB more easily accessible in addition to designing an avenue where users can launch their projects.
Moreover, the Shibarium burn mechanism got highlighted too by Jon. It is no longer news that Shiba Inu boasts a massive supply that must reduce drastically if a reasonable SHIB price ascent is to come by. Burning is crucial in pushing the asset’s price ascent by initiating scarcity and increased demand.
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“SHIB may have a better chance of hitting the $0.01 target with the enhanced Shibarium and the new burn mechanism,” Jon remarked.
Shibarium release date is anticipated this August during the Blockchain Futuristic Conference, as previously revealed by Shiba Inu lead developer Shytoshi Kusama.
Increasing partnerships And Adoptions
In terms of growing adoption, the dog-themed crypto project has witnessed significant growth, ranging from gigantic market participants, dubbed as the “whales,” to the smaller sharks and dolphins known for buying and hodling crypto assets.
Large companies like the American movie theater chain AMC Entertainment have started accepting payments in the form of cryptocurrencies, including Shiba Inu (SHIB). Other companies like Tesla, the major electric vehicle producer, were rumored to have started making plans for accepting crypto payments.
Shiba Inu New Use Cases Potential
With the development of new use cases, Shiba Inu could be geared for application in real-world scenarios like payment with leading retailers, earning rewards from stacking up crypto assets, tipping on social media platforms, etc.
Expansion of Shiba Inu (SHIB) use cases will go a long way in attracting more users to the platform, culminating in increasing the digital asset’s demand and eventually spiking its price.
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Impacts Of A Positive Market Outlook
In all, the overall crypto market outlook would also be a significant determinant of any cryptocurrency’s growth with Shiba Inu (SHIB) inclusive. Factors such as regulatory guidelines and other news, positive and negative, revolving around the crypto sphere would impact SHIB’s future price.
A positive market trend and general crypto-friendly regulatory directives have been identified as essential elements in skyrocketing Shiba Inu’s market value.
Shiba Inu (SHIB) in the Market
Per CoinMarketCap, at the time of press, Shiba Inu (SHIB) is trading at $0.000009, with a 1.4% price downtrend in the last 24 hours and an 8% price increase in the last seven days.
The 15th-place-ranked crypto project based on market cap boasts a trading volume estimated to be worth $260,635,854 with a market cap of $5,286,596,164, according to CoinGecko.
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