One of those cryptocurrencies with a lot of promise riding on it is Shiba Inu (SHIB). Many young investors are fixated on SHIB reaching "the moon," just like Dogecoin (DOGE) did back in the day. Now, SHIB has already traveled to the moon in a way. In 2021, the token generated the largest returns. One would be sitting on gains of up to 18719494.1% if they bought SHIB in November 2020. However, supporters of the project with a canine motif are impatiently waiting for the cryptocurrency to soar once more.
From a certain perspective, the S&P 500 has increased 30,209% over 57 years from 1965 to 2021, including dividends paid. Shibu Inu tokens, on the other hand, had an annual return that was more than 1,500 times more than the S&P 500's return during the previous 57 years. Although reaching $1 is the community's ultimate goal, the immediate objective is for SHIB to drop a few zeros. Many are attempting to reach $0.001. And some people are optimistic that this can happen by 2024.
Shiba Inu must achieve what in order to attain $0.001?
The SHIB team's Layer-2 network, Shibarium, is one of
the most eagerly awaited releases. Additionally, the debut might drive up the
price of SHIB. It will significantly boost speed and lower transaction costs.
The non-fungible token (NFT)-based gaming and NFT marketplace transactions will
also be made possible by Shibarium. Shibarium was supposed to launch in Q3,
however that date has been postponed to an unknown time.
The widespread burning of Shiba Inu tokens will act as
the next cause. With its burn mechanism, the Shibburn gateway is advancing
apace. Nevertheless, the burns have not had the desired effect. This is mostly
due to the fact that the burned tokens are much less numerous than the 497
trillion SHIB available in circulation.
The burn rate had increased by 250.47% as of
publication:
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| Shibburn is the source |
Last but not least, Shiba Inu is very reliant on
social media buzz. Even though the project has published numerous use cases
(such as gaming and the metaverse), many still refer to it as a
"memecoin." Therefore, the buzz and mentions on social media help the
coin gain traction. A significant social media effort would be required for
SHIB to drop two more zeros.
However, the SHIB team did publish its collectible
card game, that was a big hit. Despite the fact that some residents were
unimpressed. Nevertheless, the debut had little effect on SHIB's price. But the
main causes of that are a deeper bear market and higher interest rates brought
on by inflation. The price changes might have been very different if a
comparable launch had occurred during a bull market.
