Shina Inu (SHIB) became one of the most popular crypto assets after its exploit in the 2021 bull season. The canine-themed crypto asset was among the top performers in 2021, which made many early investors millionaires.
Despite its struggles to reclaim previous price levels, Many Shiba Inu enthusiasts have remained bullish, projecting $0.01 price levels for SHIB.
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According to Shiba Inu’s data on the popular crypto-tracking site, CoinGecko, the digital asset is changing hands at approximately $0.0000098, reflecting an 88.7% decline from its $0.00008616 all-time high (ATH) price.
Attaining $0.01 from current price standings seems incredible as it entails a whopping surge of about 101,941%. However, it could be a realistic price target if the Shiba Inu ecosystem can capitalize on these three noteworthy aspects.
Shiba Inu (SHIB) Burn Rates
It is no longer news that Shiba Inu boasts a massive circulating supply pool of roughly 589T tokens, which has limited its price expansion over the years.
Based on the supply pool above, incinerating a reasonable quantity that could catalyze SHIB’s $0.01 ascent would require concrete efforts from the Shiba Inu development team and community.
Per data obtained from Shibburn, approximately 410.7 trillion SHIB tokens have been permanently removed from the coin’s supply.
Worthy of mention is the fact that Vitalik Buterin, Ethereum’s co-founder, contributed more than 90% of the total burn when he orchestrated the incineration of 410 trillion SHIB in 2021, leading to the rally that saw the coin attain its ATH.
With new inventions like Shibarium and Sheboshis Non-Fungible-Token (NFT) collections, the Shiba Inu development team hopes to achieve a more significant burn rate. Remarkably, using Shibarium gas fees, the crypto platform has incinerated over 40 billion SHIB.
Aside from the manual method employed on the Shibarium to burn SHIB, an automated incineration mechanism was recently developed. The automatic burn protocol is in its test phase; it will soon be launched on the mainnet once its operations worthiness is confirmed.
Meanwhile, in one of the most recent developments, as revealed in one of our reports, the Shiba Inu ecosystem is set to expand its burn campaign using Sheboshis NFTs. Notedly, the Sheboshis NFT will not only incinerate SHIB; tokens like BONE, LEASH, and two yet-to-be-launched tokens within the Shibarium network will partake in the burn project.
Bitcoin (BTC) Halving Event
According to CoinMarketCap countdown, the most anticipated event in the crypto industry at the moment, Bitcoin halving, will happen 62 days from now.
As previous halving events were renowned for orchestrating price rallies across the crypto market, crypto assets’ prices are expected to experience a massive surge after the April 2024 halving.
In an old report, Lucie, the Shiba Inu development team marketing strategist, hinted at when the SHIB rally would commence. According to the market strategist, the SHIB price surge will happen at the peak of the 2024 bull season.
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Explaining how she expects it to happen, she noted that profits from big projects like Bitcoin and other top altcoins will flow into the Shiba Inu ecosystem, catalyzing its price increment.
Developmental Expansion
Aside from a significant burn rate, another facet that will continually attract users on any platform is the developmental pattern.
Should the Shiba Inu development keep up with innovative trends across the crypto sphere, it becomes safe to say that the crypto project will gain more popularity and attract potential investors.
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