Shiba Inu (SHIB) bulls are pursuing not just deleting one zero from the price but pushing the token towards the ‘one-cent dream.’ SHIB, despite its popularity, is struggling to overcome the $0.000001 barrier.
According to IntoTheBlock, SHIB faces significant resistance between $0.000010 and $0.000027. The data says that 404,100 addresses bought 615.41 trillion SHIB at around $0.000016. The token needs to overcome the selling pressure currently on these investors.
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Shiba Inu (SHIB) is up by 2.4% in the weekly charts, 9.6% in the 14-day charts, and 5.9% over the previous month. However, the asset has faced a 1.3% correction in the daily charts and is down by 28% since February 2023.
Can Shiba Inu (SHIB) reach $0.005 in 2024?
There is no denying SHIB’s popularity. SHIB fans, popularly known as the SHIB Army, are a known force within the crypto community. The group often achieves its goals when coming together for a common cause. However, pushing SHIB’s price north has been quite a challenge.
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According to Changelly, Shiba Inu (SHIB) could reach the $0.005 level sometime between 2033 and 2040, about nine to sixteen years from now.
Telegaon also paints a similar picture of the popular memecoin. The platform anticipates SHIB to reach the $0.005 level sometime between 2035 and 2040, about 11 to 16 years from now.
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Shiba Inu’s (SHIB) massive supply is one of its most significant barriers to higher prices. Reportedly, the team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If they can drastically reduce the number of tokens in circulation, SHIB may delete a few zeros much sooner than anticipated.