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Shiba Inu: 3 Key Factors Could Unlock SHIB’s Path to $0.01

Vignesh Karunanidhi
Vignesh Karunanidhi
February 20, 2024
With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward. Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks. Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch. Shiba Inu to $0.00001668? Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level. According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level. SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for. Cautionary SHIB Note Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend. At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span. There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist. To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.

Hitting the long-awaited $0.01 remains an enormously difficult task for meme coin Shiba Inu (SHIB), given its circulating supply topping $589 trillion. However, proponents believe three key catalysts emerging could pave the way for this milestone.

Accelerating Token Burns

Shiba Inu (SHIB) Forecasted To Reach $0.01; Here’s When

It’s widely known that drastic cuts to circulation are essential for SHIB to approach one cent reasonably. So far, 410.7 trillion tokens have been burned–predominantly the 410 trillion Ethereum’s Vitalik Buterin destroyed in 2021 after receiving them from developers.

Buterin’s historic burn preceded SHIB’s all-time high. Similar impacts could come from ambitious incineration initiatives.

As burns compound and more projects contribute, the trillion+ figures required to move the needle are feasible long-term. If enough zeros knock off the total supply, upward price pressure becomes inevitable.

Also read: Ripple (XRP) Faces Resistance at $0.60, But Analysts Expect 20% Surge

Expanding Ecosystem Development

Shiba Inu: What Will You Do If SHIB Reaches $0.01?

Aside from scarcity, positive ecosystem growth, and new adoption could also propel Shiba Inu toward its dollar goal. As the team releases exciting project updates, investor interest, and token demand tend to accelerate across retail and institutions.

Major endorsements from influential crypto figures or companies could similarly bolster SHIB’s credibility and ignite acute FOMO among prospective buyers.

Even meme coin Dogecoin has gained support from personalities like Elon Musk and Mark Cuban. If Shiba Inu sees similar high-profile backing, it may change its trajectory.

Also read: Shiba Inu: How Many Tokens You Need To Make $5M, $10M If SHIB Hits $0.00789?

2024’s Bull Market

History shows crypto bull runs reach their greatest intensity around Bitcoin’s halving events. With the next halving slated for April 2024, anticipation is already building for fresh market peaks. While SHIB may never reach $0.01 in an impulse wave during this run, sizable gains could bring it measurably closer.

When the last bull market mania unfolded in 2021 amidst the previous halving cycle, SHIB exploded to highs of $0.00008845. While 85x lower than one cent, it shows the potential impact of FOMO when sentiment shifts. If buy volumes overwhelm sales next cycle, SHIB could erase multiple zeroes again.

Forecasters like Changelly expect these catalysts to propel SHIB to $0.01059894 at best by 2050. Hitting this would require a monumental 108,000% gain from today’s $0.00000982 price. However, growing momentum on token burns, adoption, and crypto uptrends suggests the foundations are building toward that goal gradually.

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