Here Are 3 Factors That Can Push Shiba Inu to $0.01

Here are three main factors that could help Shiba Inu (SHIB) achieve the $0.01 target.

3 Factors That Could Take SHIB to $0.01

Three factors could help Shiba Inu reach the coveted $0.01 price.

Burns 

It is common knowledge that Shiba Inu’s move to $0.01 is challenging. This is major because of its enormous circulating supply of over 589 trillion tokens.

However, for SHIB to stand a chance to hit the $0.01, the Shiba Inu ecosystem team and its community must burn an enormous amount of the token’s supply.

So far, over 410.7 trillion SHIB tokens have been incinerated from the supply. Ethereum co-founder Vitalik Buterin burned the vast majority of these tokens (410 trillion) in 2021 from the tokens the Shiba Inu ecosystem team gifted to him.

Buterin’s action caused the price of SHIB to surge to an all-time high of $0.00008845 in 2021. SHIB can achieve a similar feat if a huge chunk of its circulating supply is burned.

The team is preparing to incinerate more SHIB tokens via projects like Shibarium and SHEboshi. Currently, the ecosystem team uses a portion of Shibarium fees to burn SHIB. It has already burned over 40 billion tokens since it started incinerating SHIB through this method.

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Interestingly, the team wishes to increase SHIB burns through the upcoming automatic burn portal. The protocol is undergoing testing and will soon be deployed on the mainnet.

Additionally, the ongoing burn campaign will be bolstered when some proceeds of SHEboshi, Shiba Inu’s latest NFT collection, are used to incinerate SHIB.

As reported earlier, the SHEboshi proceeds will be divided into two equal portions (50% each). 6% of one of the portions of SHEboshi proceeds will be allocated to burn SHIB.

Positive Developments Within Shiba Inu Ecosystem

Besides burn, another factor that can help SHIB attain its 1-cent dream involves positive developments within the Shiba Inu ecosystem. These developments could bolster the demand for SHIB.

If the team releases new and exciting updates, more crypto investors will be eager to acquire SHIB. In addition, investors could also show interest in Shiba Inu if a prominent figure or project in the crypto space declares support for the token.

Upcoming Bull Run

Another major factor that could propel Shiba Inu for a surge toward $0.01 is the upcoming bull run. This season’s bull market will reach its peak after the next Bitcoin halving, which is slated for April.

As seen in previous halvings, the event usually paves the way for a bull run, with top crypto assets hitting new all-time highs. Shiba Inu was not left out in the previous bull run, where it reached an all-time high of $0.00008845.

While Shiba Inu is not expected to hit the $0.01 coveted price in the upcoming bull run, its participation in the event could take it closer to making the 1-cent dream a reality.

Changelly Expects Shiba Inu to Hit $0.01 By 2050

Shiba Inu has lagged behind its peers in the ongoing relief rally. At press time, SHIB was trading at $0.00000982, down 5% year-to-date and a 25.7% drop since February 2023.

Despite Shiba Inu’s low performance, several investors still believe the token has what it takes to achieve the 1-cent ($0.01) dream.

While the $0.01 target looks like a daunting task for Shiba Inu due to its current performance, the Changelly research team speculates that the 1-cent dream is feasible.

According to Changelly, Shiba Inu could reach the 1-cent dream by 2050. It projected that SHIB could rise to a maximum price of $0.01059894 in 2050.

For Shiba Inu to hit the projected price of $0.01059894, the token must surge by a whopping 107,832% from its current price.