Although Bitcoin (BTC), the largest asset in the cryptocurrency market, continues to struggle below the $30,000 price level, and the majority of the sector is dragging its feet as well, hope remains that Shiba Inu (SHIB) could someday trade at $0.01.
Indeed, SHIB has demonstrated the capacity to experience sharp increases, as evident in its all-time high (ATH) from October 28, 2021, when it reached the price of $0.0000819, soaring a whopping 1,079.33% in a single month – from $0.000006944599 on September 28, 2021.
Considering that this ATH is 89.40% higher than its current price, which, as of August 7, stood at $0.0000091067, this means that Shiba Inu could easily beat its own record but would have to invest a lot more effort to get closer to the coveted $0.01 price level. Specifically, it would have to grow 109,709%.
With this in mind, Finbold has analyzed the factors that could (but not necessarily have to) eventually lead SHIB toward this price level, either by themselves or acting in concert with other factors.
The forthcoming launch of Shibarium, a new layer 2 blockchain upgrade to Shiba Inu’s ecosystem, could be the deciding factor to launch the price of SHIB to $0.01, in the view of Jon, the CEO of Moneyzine.com, a digital platform that provides professional finance and investment advice to clients.
As Jon noted, Shibarium will make buying and selling SHIB-related tokens more accessible, in addition to creating a hub for developers to build and launch their own projects, and that “SHIB may have a better chance of hitting the $0.01 target with the enhanced Shibarium and the new burn mechanism.”
Mass adoption by investors
Retail and institutional investors have a massive influence on the price of any asset, including cryptocurrencies like Shiba Inu, and substantial investments by the market’s largest participants, i.e., whales, have the potential to trigger massive upswings in the value of one of the largest meme coins.
On top of that, the smaller ‘fish in the sea’ could also assist in significantly growing the price of SHIB thanks to their increased buying and ‘hodling’ of the asset, which could awaken the wider interest in it, as well as demand, and ultimately its price.
New use cases for SHIB
The development of new use cases for Shiba Inu could be a major catalyst in driving up its price, as it would allow for its wider use for real-world purposes, such as in payments with major retailers, staking or locking up assets to earn rewards, tipping on social media platforms, and the like.
Indeed, this seems to be the long-term goal for the SHIB project’s developers, and its success could propel the convenience of the use of the Shiba Inu cryptocurrency, leading to increased demand for it and, therefore, increasing its price in the long run.
Although a number of large companies already accept Shiba Inu payments, including the American movie theater chain AMC Entertainment (NYSE: AMC), more businesses jumping on the bandwagon could further help SHIB’s case as it would encourage adoption, eventually propelling its price toward the $0.01 price level.
Examples of such companies could be the major electric vehicle manufacturer Tesla (NASDAQ: TSLA) or the e-commerce mammoth Amazon (NASDAQ: AMZN), particularly as rumors have emerged that the former might have started adding crypto payments support. That said, the latter has not yet made any plans to accept crypto.
Lastly, the atmosphere on the wider crypto and macroeconomic stage can sometimes affect the price of particular cryptocurrencies, including Shiba Inu, and this is connected to regulatory developments, as well as positive (and sometimes even negative) news coverage about the sector.
The above factors could contribute to the bullish sentiment taking into account the fact that when people are feeling bullish about digital assets in general, the positive sentiment could affect the price of SHIB, which is more likely to go up.
Shiba Inu price analysis
Meanwhile, Shiba Inu is currently changing hands at the price of $0.0000091067, down 4.94% in the last 24 hours but gaining 9.22% across the previous week, adding up to the 24.74% increase on its monthly chart, according to the most recent information.
All things considered, there is no guarantee that Shiba Inu will ever reach the price of $0.01, but the above factors could contribute to its strengthening and, possibly, in time, the meme cryptocurrency’s chances of reaching this high price level. Time will tell whether this can actually happen.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.