DOGE, PEPE and BONK have been the talk of the town in 2023, with SHIB lagging behind as 2024 approaches. SHIB investors continue to wonder if it can reach $0.01 in the expected 2024 bull market. Shiba Inu experienced a positive price trend in late November, rising from $0.000008193 to an important price level of $0.00001000, and by December 28, it had consolidated at $0.00001068.
Will SHIB’s Price Increase?
To achieve the anticipated price, SHIB must surpass its all-time high of $0.00007924 from October 2021. After that, a staggering 93.533% increase is required to reach $0.01, which may seem impossible to many, but market trends have repeatedly proven that anything is possible.
Many investors believe that the SHIB coins burned by Vitalik Buterin in the past triggered the previous rally. However, it is important to note that Buterin did not burn $1.7 billion of SHIB in May 2021, and it had no effect on the price at that time.
The tokens in question were sent to Vitalik when SHIBs were first distributed. The transfer of 90% of these tokens from one wallet to another (a burn address) months later may not have directly affected the token’s price.
Considering the circulating supply of SHIB on November 24, Shiba Inu could have reached a value of $0.000424 per token at its highest market value.
This represents a significant rise from the previous price levels of $0.000249 in 2021 and $0.000175 (70%). Reaching the past ATH level is one thing, but it implies that the token needs more investment.
Shiba Inu Price Analysis and Forecast
According to AI algorithms used by CoinCodex, it doesn’t seem likely that Shiba Inu will reach $0.01 in the foreseeable future.
The predictions extend to 2050, with the farthest forecast indicating a price of $0.000418 for SHIB, which is still well below expectations even at that distant time.
Meanwhile, as of the time of writing, SHIB is trading at $0.00001063, experiencing a 2.39% decrease within the day but showing a 2.47% increase over the week and a 29.85% rise on the monthly chart.
While many indicators, like CoinCodex, reflect that SHIB is unlikely to approach the $0.01 threshold anytime soon, it’s important to remember that the market environment is affected by different factors every day and is constantly changing. Incredible developments could positively impact the price of this cryptocurrency.
