According to data from Coinmarketcap, the Shiba Inu (SHIB) token, which was launched anonymously in 2020 under the pseudonym “Ryoshi”, has an all-time low (ATL) of $0.000000000082.
This all-time low value was recorded 3 years ago on September 1, 2020. But as adoption and use cases began to set in for the second-largest decentralized meme token, SHIB has appreciated dramatically from its launch price, hitting an all-time high (ATH) of $0.00008845 in October 2021.
This further shows that SHIB deleted as many as six zeros from its price between September 2020 and October 2021, making it one of the few crypto assets to record such a wide appreciation within a year. This historic SHIB price rally, triggered by the burning of 410 trillion Shiba Inu tokens by Ethereum creator Vitalik Buterin also places SHIB among the all-time top-gainers in the cryptocurrency market.
However, SHIB price has been retracing since its stunning rally in 2021, leaving investors to hope for another sustained uptrend that could, perhaps, take the crypto asset’s value to the widely called $0.01 price level.
Notably, SHIB is exchanging hands at $0.00000851 at the time of writing, indicating an increase of more than 14,000% from its price of $0.00000006 as of April 1, 2021, and 1,418,233% up from the price at launch.
Accordingly, SHIB deleted two zeros from its price between April 2021 and June 2023, while it removed five zeros from its price between August 2020 and June 2023. To clock the highly coveted $0.01 price point, four zeros would have to be deleted from its price at the time of writing — $0.000000851. In other words, the popular meme token would need to rally by roughly 117,408% from its value as of June 6, 2023.
When Shiba Inu (SHIB) Could Hit $0.01?
Whether this price action would occur or not is a function of time and other factors, including appreciable developments in the Shiba Inu ecosystem. Creating solid use cases or utilities around SHIB and burning massive amounts of SHIB tokens could also contribute to the meme token staging a parabolic rise in value.
Moreover, Bitcoin halving has been historically impacting BTC and altcoins, and the next one is expected to happen in April 2024. Also, the market is transitioning to a bull phase. SHIB is expected to gain massively if the hype from the upcoming SHIB-based projects coincides with the next bull market. Howbeit, it’s currently hard to predict how high the digital asset could rise.
Meanwhile, the teeming ShibArmy has been burning billions of SHIB tokens week in and week out to reduce the hyperinflated supply of the crypto asset. As recently published by TimesTabloid, more than 4 billion Shiba Inu tokens were sent to the dead wallet in the past week.