Shiba Inu: Is a $0.001 Target Realistic in the Upcoming Bull Run?
Shiba Inu (SHIB) stands out as one of the most talked-about cryptocurrencies in the market. Despite its popularity, the token has faced challenges throughout 2023, with a modest 22% increase since January, compared to the substantial gains seen by other cryptocurrencies like Bitcoin (BTC), which surged over 150%. Additionally, the highly anticipated layer-2 network launch earlier this year failed to propel SHIB's price to the expected levels.
Despite a lackluster performance in 2023, many enthusiasts hold onto the belief that SHIB will experience a significant surge in the next anticipated bull run, set to occur in 2024.
Can Shiba Inu (SHIB) realistically reach $0.001 in the upcoming bull run?
Achieving a price of $0.001 would signify a remarkable growth of approximately 10,000% from its current value. Even a small investment could yield substantial returns if the project attains this target. However, it's essential to acknowledge that reaching $0.001 poses a considerable challenge. According to Changelly, Shiba Inu (SHIB) might reach a maximum price of $0.0000169983 in 2024, indicating a growth of about 71% from the current levels. The platform doesn't foresee SHIB surpassing the $0.001 mark until 2032.
The primary obstacle in Shiba Inu's (SHIB) journey towards $0.001 is its massive token supply, currently standing at around 589 trillion. If the token were to reach $0.001, it would result in an unrealistically large market. However, the SHIB team has revealed ongoing efforts to implement a new burn mechanism aimed at significantly reducing SHIB's supply. Additionally, a recent hard fork of the Shibarium network has been executed to enhance token burns. The new burn mechanism could potentially eliminate trillions of tokens annually, paving the way for reaching the $0.001 target sooner. However, achieving this milestone in 2024, during the next bull run, remains unlikely.
