Shiba Inu (SHIB) at $0.01 Feasible? These Bullish Factors Can Make It Happen in the Long Run

Over the past few weeks, activities and happenings in the crypto space have not been encouraging for crypto investors, especially those after profits. Shiba Inu’s earlier projected $0.01 price mark seems not feasible, especially considering several underlying market factors that have weighed down the dog-themed meme project.

Although the projected price seems impossible, the community members around the token remain optimistic that a repeat of the 2021 rally is still on the cards for SHIB.

Does Shiba Inu (SHIB) Stand Any Chance To Hit A $0.01 Price Mark?

As of June 12, 2023, Shiba Inu sold for $0.00000664. However, the past month saw Shiba Inu decline by 24.8%, and in the past seven days, the token has been down 21.6%.

Also, the past week saw SHIB tokens record a price high and market low of $0.00000852 and $0.00000591, respectively. Shiba Inu has fallen by 92.3% against its all-time high (ATH) of $0.00008616, recorded on October 28, 2021.

Despite the unimpressive statistics, Shiba Inu community members are confident about the coin’s prospects of ascending to a price high of $0.01. Several factors seem to keep the SHIB community members’ hope alive, ranging from the support the token appears to enjoy from the Shiba Inu community to the increasing listings of SHIB on several Decentralized Exchange (DEX) and Centralized Exchange (CEX) platforms.

In addition, the platform has enjoyed adoption by different business enterprises, resulting in more utility and appeal for the token.

Although the $0.01 price point is a long way to go considering the price of SHIB at the time of press, a repeat of the 2021 parabolic trend is enough to take SHIB beyond the most coveted price level.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.