In the year 2023, where cryptocurrencies like DOGE, PEPE, and BONK have been widely discussed, SHIB remains among the lesser-mentioned digital currencies as 2024 approaches. Investors are pondering whether SHIB can reach $0.01 during the anticipated bull run in 2024. Following a positive price trend that started in late November, SHIB experienced a rapid rise from $0.000008193 to the significant level of $0.00001000 and consolidated at $0.00001068 by December 28.
For SHIB to reach the expected price of $0.01, it must surpass its all-time high of $0.00007924 from October 2021. This would require a staggering 93.533% increase, which may seem impossible to many, but market trends have repeatedly shown that anything is possible.
Many believe that the SHIB coins burned by Vitalik Buterin in the past triggered the previous rally. However, it’s important to note that Buterin did not burn $1.7 billion worth of SHIB in May 2021, and it had no direct impact on the price at that time. The tokens sent to Buterin when SHIB was initially distributed and later transferred from one wallet to another (a burn address) may not have directly affected the token’s price.
Considering SHIB’s circulating supply as of November 24, Shiba Inu could have reached a value of $0.000424 per token at its highest market cap. This indicates a significant rise from the previous price levels of $0.000249 in 2021 and $0.000175 (a 70% increase), suggesting that the token requires more investment to reach past highs, let alone the $0.01 target.
Recent predictions by CoinCodex’s AI algorithms suggest that it’s unlikely for Shiba Inu to reach $0.01 in the foreseeable future. Their forecasts extend up to 2050, with the farthest prediction indicating a price of $0.000418 for SHIB, still below expectations even in the distant future.
At the time of writing, SHIB trades at $0.00001063, experiencing a 2.39% drop during the day but a 2.47% increase over the week and a 29.85% rise on the monthly chart. While indicators like CoinCodex reflect that SHIB may not approach the $0.01 threshold anytime soon, the market is constantly influenced by various factors, and unexpected developments could positively propel the cryptocurrency‘s price.