Following its abysmal run in 2023, Shiba Inu (SHIB) has done remarkably well to stage an impressive recovery in 2024 by breaking the $0.00001 resistance and deleting a zero in its selling price within the first five months of the year.
Interestingly, SHIB took the meme coin market by storm when it struck $0.00004, igniting excitement about its potential to eventually reclaim its all-time high (ATH) and possibly exceed it.
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So far, the canine-themed crypto asset has retraced moderately, maintaining price levels around the $0.00002 level for two consecutive months.
Per Shiba Inu’s price statistics on CoinGecko, the second largest meme coin is priced at about $0.000026, reflecting a 1.2% upswing in the past 24 hours. In addition, the token boasts a market cap of $15,090,538,692 and a 24-hour trading volume of $1,005,297,356.
Meanwhile, two factors have been spotlighted as the main drivers orchestrating SHIB’s price surge; the subsequent part of this insight will reveal these significant factors and their unique roles in improving SHIB’s outlook
Market Analysts Speculating SHIB Potential To Assume $0.001 In 2024
In 2024, different analysts have predicted Shiba Inu’s potential to break through its ATH this year to reach $0.001, citing several indices and previous market trends.
Remarkably, SHIB at $0.001 from its current price would require a 3,746.15% rally, an increment lesser than Shiba Inu’s rally in 2021 that saw the coin make many investors millionaires. Hence, it becomes relatively fair to adjurge SHIB at $0.001, a realistic price target.
The Shiba Inu’s Ecosystem Shibarium Technology
The Shibarium is Shiba Inu’s ecosystem Layer-2 scaling solution network, launched in August 2023 primarily to improve the coin’s ecosystem burn rate via gas charges.
In addition, the Shibarium hopes to increase the SHIB adoption rate via an improved trading user experience, rapid transaction speed, and other factors that could attract users.
Since its release, the Layer-2 scaling solution has done relatively well to help drive SHIB price expansion, evidenced by its recent integration with Decentralised Exchange (DEX), ShibaSwap.
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Read Also: Machine Learning Model Predicts Shiba Inu (SHIB) Price For March 31, 2024
SHIB Burn
Tasked with the sole responsibility of reducing SHIB’s massive 589 trillion circulating supply, the burn mechanism has also done incredibly great by Incinerating roughly 410.7 trillion SHIB so far, according to Shibburn data.
Additionally, the statistics revealed a 569.98% surge in burn rate, incinerating about 12.7 million SHIB in the past 24 hours at press time. With the Shibarium network and SHIB burn scheme operating optimally, attaining the projected $0.001 price target could become a reality.
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