Shiba Inu (SHIB), a meme coin with a massive community following, has fared better than many other cryptocurrencies this year. The meme coin was one of the top performers among prominent cryptocurrencies in March when Bitcoin reached a new all-time high.
Following the climb of almost 400%, the meme coin lost some of its gains due to the lingering market correction. However, SHIB is holding strong and recently displaced Cardano (ADA) to occupy the 10th position in the market.
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A well-respected crypto investor recently predicted that the meme coin could reach $0.001 by the end of 2024 or 2025. This would represent a staggering increase from its current price of $0.00002625.
To understand the factors that could propel SHIB towards this ambitious target, let’s delve into three key areas: token supply management, expanding adoption, and ecosystem development.
1. Reducing the Shiba Inu (SHIB) Supply
One of the biggest hurdles #Shiba Inu (SHIB) faces on its path to significant price appreciation is its vast circulating supply. According to Shibburn, SHIB has a circulating supply of 583 trillion tokens. If the circulating supply remains unchanged, reaching $0.001 would translate to a market capitalization of $583 billion for SHIB.
SHIB also works with a deflationary model, where the reduced supply will lead to a price increase over time. The community reduces the supply through token burns, and an upcoming automated burn portal could speed up the token burns, potentially speeding up the price increase.
2. Fostering Adoption and Utility
Another critical factor for SHIB’s potential price growth lies in increasing its adoption and utility. The 2021 price rally was fueled not just by reduced supply but also by a surge in demand. This highlights the importance of creating a compelling use case for SHIB beyond its meme coin status.
Wider acceptance of Shiba Inu (SHIB) as a payment method by businesses and platforms would significantly boost its potential. The more readily SHIB can be used for transactions and various utilities, the more its demand could rise. Increased accessibility and practical applications can attract new users and investors, leading to higher prices as more capital enters the Shiba Inu ecosystem.
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3. Building a Robust Ecosystem
Developing a robust and expanding Shiba Inu ecosystem is another key driver for SHIB’s massive growth. A crucial element within this ecosystem is Shibarium, a Shiba Inu layer-2 solution designed to address scalability challenges and reduce transaction costs. Shibarium can make SHIB transactions faster and cheaper, attracting more users and developers to the SHIB ecosystem.
The developers are expanding Shibarium’s offerings. All these factors could help SHIB hit the $0.001 target before the end of 2024.
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