Undoubtedly, SHIB has showcased its ability to experience significant surges, as demonstrated by its all-time high (ATH) on October 28, 2021, when it reached $0.0000819, marking an astonishing 1,079.33% increase in just one month from $0.000006944599 on September 28, 2021.
Considering that the ATH is currently 89.40% higher than its current price of $0.0000091067 as of August 7, it implies that Shiba Inu could surpass its own record, but achieving the desired price level of $0.01 would require a substantial effort, as it would need to grow by 109,709%.
Taking this into account, Finbold has examined the potential factors that could potentially propel SHIB towards this price level, either independently or in conjunction with other elements.
According to Jon, the CEO of Moneyzine.com, a digital platform offering professional financial and investment advice, the upcoming launch of Shibarium, a new layer 2 blockchain upgrade for Shiba Inu’s ecosystem, could be the determining factor in driving SHIB’s price to $0.01. Jon believes that Shibarium will enhance accessibility for buying and selling SHIB-related tokens and provide a platform for developers to create and launch their own projects. He further suggests that “SHIB may have a better chance of hitting the $0.01 target with the enhanced Shibarium and the new burn mechanism.”
Wide-scale Adoption
The price of any asset, including cryptocurrencies like Shiba Inu, is greatly impacted by both retail and institutional investors. Notably, substantial investments made by major market participants, known as whales, have the power to initiate significant surges in the value of prominent meme coins.
Furthermore, the smaller investors, often referred to as the ‘fish in the sea,’ can also contribute to substantial price growth for SHIB by increasing their buying and holding of the asset. This heightened interest and demand from smaller investors have the potential to awaken broader interest in SHIB, ultimately leading to an increase in its price.
New Opportunities for Utilizing SHIB Token
The introduction of innovative applications for Shiba Inu has the potential to significantly impact its price by enabling its broader utilization in real-world scenarios. This includes its adoption for payment purposes with prominent retailers, as well as for staking assets to earn rewards and tipping on social media platforms, among other possibilities.
Undoubtedly, this long-term objective is shared by the developers of the SHIB project. The accomplishment of this goal could enhance the usability of the Shiba Inu cryptocurrency, resulting in heightened demand and a subsequent long-term increase in its price.
Major partnerships
Despite some significant companies, like AMC Entertainment (NYSE: AMC), already accepting Shiba Inu payments, further participation from additional businesses could positively impact SHIB’s prospects. This increased adoption would ultimately push its price toward the $0.01 threshold.
Potential examples of such companies that could contribute to this trend include Tesla (NASDAQ: TSLA), a prominent electric vehicle manufacturer, and Amazon (NASDAQ: AMZN), a mammoth in the e-commerce industry. Rumors have circulated that Tesla may have begun supporting crypto payments, while Amazon, on the other hand, has not yet announced any plans to accept cryptocurrencies.
Market sentiment
Lastly, the broader crypto and macroeconomic landscape can occasionally influence the price of specific cryptocurrencies, including Shiba Inu. This correlation is tied to regulatory advancements and the impact of positive or negative news coverage within the sector.
Considering these factors, the prevailing bullish sentiment towards digital assets as a whole can potentially impact the price of SHIB, leading to an upward trajectory. When individuals hold an optimistic outlook on digital assets, this positive sentiment can, in turn, influence the price of SHIB, increasing its likelihood of appreciation.
Shiba Inu price analysis
At present, Shiba Inu is being traded at a price of $0.0000091067. It has experienced a 4.94% decline in the last 24 hours but has gained 9.22% over the previous week. Looking at the monthly chart, the price has increased by 24.74% according to the latest information.
Considering all aspects, it is important to note that there is no guarantee that Shiba Inu will ever reach the price of $0.01. However, the aforementioned factors could contribute to its strengthening and potentially improve its chances of reaching this significant price level over time. Only time will reveal the outcome of this possibility.
Disclaimer: The information provided on this website should not be regarded as investment advice. Investing involves speculation, and there is a risk of capital loss when investing.