Shiba Inu (SHIB), known for its meme coin status and fervent community, is under scrutiny as investors mull the possibility of it reaching the elusive 1 cent mark in 2024. With an average price of 0 $.000009 on January 10, 2024, knowing After a 20% slowdown since the start of the year, the path to this ambitious milestone seems difficult but not entirely implausible.
Activity of the SHIB holder
Over the past two weeks, Shiba Inu holders have moved a substantial amount of 5.27 trillion SHIB, equivalent to approximately $50 million, out of trading platforms and exchange-hosted wallets. Historical trends suggest that when supply on exchanges decreases significantly, SHIB prices often experience a recovery. 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 mark in 2024, the Shiba Inu would need to surpass its all-time high price of $0.00007924, reached in October 2021. Achieving this feat requires an astonishing increase of 93,533%, a figure that may seem intimidating but t is not without precedent. in the cryptocurrency market.
The role of Vitalik Buterin
Investors generally believe that Vitalik Buterin’s red-hot activity in May 2021 fueled the previous rally. However, it is crucial to note that Buterin did not spend $1.7 billion on SHIB to influence its price; this amount was part of the initial allocation of the token. The subsequent transfer of 90% of this allocation to the burn address did not have a direct impact on the price of the token.
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May 2021 increase and circulating supply
The SHIB price surge in May 2021 can be attributed to increased demand as more individuals discover and invest in the token. Around half of the token supply was already held by Vitalik Buterin, contributing to a remarkable 46,000,000% increase since its launch. SHIB has increased fivefold since May 6, 2021, as reported by burn tracker Shibburn on X on September 6.
Challenges ahead
Considering the circulating supply of SHIB on November 24, reaching a value of $0.01 per token would require a significant increase in investment. This poses a considerable challenge, especially given current trading prices and historical trends. Reaching the previous all-time high itself requires increased interest and investment in SHIB, making the $0.01 benchmark an even more formidable goal.
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Whether Shiba Inu can reach $0.01 in 2024 remains uncertain, with various factors influencing its trajectory. Although historical trends and past rallies offer guidance, the cryptocurrency market is inherently unpredictable. Investors and enthusiasts are closely watching SHIB’s movements, eagerly awaiting developments that could potentially propel it towards or prevent it from reaching the elusive $0.01 mark.
reference: watcher.guru