Will Shiba Inu Reach $0.01?

Shiba Whale
Source: medium.com/coinmonk

Shiba Inu cryptocurrency has finally reached its all-time high price. SHIB is currently trading at $0.00004712. This price has earned the cryptocurrency the top gainer of all-time title on Coinbase.

SHIB has enjoyed quite the surge in popularity of late. Mainly because of Elon Musk’s tweets. The Tesla CEO shared a tweet of his dog. The tweet’s caption reads, “Floki Frunkpuppy.” This tweet caused a boost in the market value of Shiba Inu coins. Additionally, the caption inspired the creation of the Floki coins. 

Since the start of the year, Shiba Inu has increased in value by 44,941,199.01%. This cryptocurrency may very well be on its way to $0.01.

Will Shiba Inu Get To $0.01?

Apart from the social media noise to get the crypto noticed, there’s an initiative to reduce the number of SHIB coins in circulation. Currently in circulation are 400 trillion SHIB coins.

Contrary to Bitcoin, which is designed to be scarce, SHIB is intentionally designed to be abundant. A strategy that investor Michael Burry feels hinders the currency’s “possible price appreciation.” 

In light of the efforts to increase SHIB’s value, holders of the token are sending their coins to an inaccessible wallet. Sending the coins to this wallet is an effective means of removing the coins from circulation.

Shiba Inu developers are also currently working on 10,000 NFTs. These NFTs, which are in the form of Wen Shiboshis, are dropping soon. The holders will change NFT names from generic ones they come in at a fee of $100. The $100 fee is equivalent to 2.511 million SHIB coins. Therefore, 2.511 million SHIBS will be burnt in a dedicated wallet whenever any NFT is renamed.

If Shiba Inu is to hit the 0.01 dollar mark, another 34,000% needs to be. This looks reasonably achievable for the token, given the gains it has had this year. Additionally, the steps to increase the currency’s value may very well work in its favor.

More on SHIB

SHIB is the first crypto token to be incentivized and list itself on its decentralized exchange platform. The platform, ShibaSwap, has a website, shibatoken.com.

Shiba Inu aspires to be Dogecoin’s Ethereum-based alternative. Many dub SHIB the “Dogecoin killer.” 

As of October 25, the SHIB token emerged the third most-traded crypto within 24 hours. Some financial experts predict the meme coin’s ranking among the top 10 cryptocurrencies by market capitalization.