Cryptocurrency EducationNewsSHIB

Can Shiba Inu [SHIB] Achieve Its 1 Cent Dream in 2024?

2 Mins read

Shiba Inu (SHIB), known for its meme coin status and a fervent community, is under scrutiny as investors ponder the possibility of it reaching the elusive 1 cent mark in 2024. With the average price trading at $0.000009 on January 10, 2024, experiencing a 20% downturn since the start of the year, the path to this ambitious milestone appears challenging but not entirely implausible.

SHIB Holder Activity

In the past two weeks, Shiba Inu holders have shifted a substantial 5.27 trillion SHIB, equivalent to approximately $50 million, out of trading platforms and exchange-hosted wallets. Historical trends suggest that when the supply on exchanges diminishes significantly, SHIB prices often witness a rally. This ongoing transfer of SHIB from exchanges could potentially impact its price in the coming months.

The $0.01 Milestone

To reach the 1 cent milestone in 2024, Shiba Inu would need to surpass its all-time high price of $0.00007924, achieved in October 2021. Achieving this feat requires an astounding increase of 93,533%, a figure that may seem daunting but is not unprecedented in the cryptocurrency market.

Vitalik Buterin’s Role

Investors commonly believe that Vitalik Buterin’s burn activity in May 2021 fueled the previous rally. However, it’s crucial to note that Buterin did not burn $1.7 billion in SHIB to influence its price; this amount was part of the token’s initial allocation. The subsequent transfer of 90% of this allocation to the burn address did not directly impact the token’s price.

May 2021 Surge and Circulating Supply

The surge in SHIB’s price in May 2021 can be attributed to heightened demand as more individuals discovered and invested in the token. Approximately half of the token’s supply was already held by Vitalik Buterin, contributing to a remarkable increase of 46,000,000% since its launch. SHIB has sustained a fivefold increase since May 6, 2021, as the burn tracker Shibburn on X on Sept. 6 indicated.

Challenges Ahead

Considering SHIB’s circulating supply on November 24, achieving a value of $0.01 per token would require a significant uptick in investment. This poses a considerable challenge, especially considering the current trading price and historical trends. Reaching the previous all-time high itself demands increased interest and investment in SHIB, making the $0.01 benchmark an even more formidable goal.

The question of whether Shiba Inu can reach $0.01 in 2024 remains uncertain, with various factors influencing its trajectory. While historical trends and past surges offer insights, the cryptocurrency market is inherently unpredictable. Investors and enthusiasts keenly observe SHIB’s movements, eagerly awaiting developments that could potentially propel it towards or hinder it from achieving the elusive $0.01 milestone.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.