Will The SHIB Price Rally By 10x Like In 2021: Since the Shiba Inu cryptocurrency dropped from its highest value in 2022, its price hasn’t seen any big increases. However, as the cryptocurrency market is getting better and Bitcoin is close to hitting $50,000, investors are wondering if SHIB could have a huge jump in price like it did in 2021, in the next few months of 2024. This article looks into whether the Shiba Inu’s price could rise significantly and reach the $0.0001 level.
Will Shibarium Have Its Impact This Year?
Shiba Inu’s new blockchain, Shibarium, started working for everyone on August 16, 2023. This made a lot of people excited about meme cryptocurrencies. A big reason for the excitement was that it made more than 21 million wallets while it was still being tested.
These changes mean a good future for the SHIB community, making it possible for the SHIB price to increase 10 times this year. This possibility is made stronger by Shibarium’s ongoing achievements in user activity and transactions on the blockchain.
Shibarium, a system designed to make transactions faster and handle more activity for the Shiba Inu network, recently reached over three million blocks. It has processed over 334 million transactions and attracted 1.35 million users with wallet addresses.
Shibarium is fast and cheap to use, with blocks taking only 5 seconds and hardly any fees. It also handles a lot of transactions, about 2.46 million a day.
Strong information suggests that the price of SHIB might go up. Even though SHIB’s price didn’t increase much after its past successes, people still feel positive about it. It’s possible that SHIB’s price might reach $0.0001 soon.
Potential Hurdles And Tough Competition
Shiba Inu, also known as the “Dogecoin killer,” saw its value jump 10 times in October 2021, going from $0.000007 to $0.00008 quickly. This year, a similar increase seems more likely because of many good changes in its network and excitement about the coming altcoin season.
The community is really active in destroying SHIB tokens. Market data shows that the amount of SHIB tokens burned has gone up by 127.41% today. In the last 24 hours, the Shiba Inu community has burned 17.39 million SHIB, and over the past week, they’ve burned a total of 55.63 million SHIB.
Even though SHIB might increase in value by 10 times, it could face challenges from popular meme coins like Dogecoin, Pepe coin, and Bonk, which have been more popular than SHIB before.
Dogecoin (DOGE), a main competitor, has a market value over $11.5 billion. However, Shiba Inu is doing better than newer cryptocurrencies like Bonk (BONK) and Pepe (PEPE), which are worth $830 million and $431 million, respectively.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.