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Why a $0.01 SHIB Price is Closer Than We Think

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Within less than a month, SHIB has become one of the most famous cryptocurrencies in the market. This is helping it get to some of the territories it hasn’t been to before. During this time, it has gotten to the highest price ever. It has also joined the list of the top 20 most valuable cryptocurrencies in the market.

This bull run is causing excitement in the market with the majority of investors eager to understand how far the price will rise.

One of the benchmarks that most investors are eyeing is SHIB getting to the 0.01 dollar. Commonly known as the one-cent mark.

Why the $0.01

The 1 cent price has a sentimental value within the cryptocurrency community commonly known as the “SHIBARMY”. This is a group of SHIB investors who are found mainly on social platforms promoting and discussing matters on Shina Inu Cryptocurrency.

1 cent figure is based on a most likely scenario based on the number of SHIB in circulation combined with demand factors.

Currently, there is close to 400 trillion SHIB in circulation out of a possible limit of 1 quadrillion. The majority of these are in a dead wallet while the rest continue being “burnt”. A term used to refer to the process of removing them from the market.

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Effects of these actions

These actions are focusing on boosting SHIB price. The strategy of coin burning indicates a campaign to continue boosting its price further.

A key example is the announcement of a $25,000 worth coin burn just before the current rally began. Although this was not the sole cause for the rally, it had a contribution to the overall price gain.

ShibaSwap

ShibaSwap is a decentralized finance platform that facilitates various financial functions using Shiba and related coins such as LEASH.

It represents a huge milestone in giving SHIB more value through innovation. Decentralizing finance is a new concept being driven through blockchain. Because cryptocurrencies are based on blockchain, SHIB is taking the lead in this sector helping it compete with other established coins such as Ethereum.

DeFI as it is commonly known is transforming finance from the traditional approach methods to a more open and secure era.

As more people use ShibaSwap, this will help drive its price higher towards the sentimental 1 cent value.

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Coin Demand

There has been an explosion in SHIB coin demand. This is due to various reasons including;

  • Growth in Price
  • Growth in popularity
  • Elon Musk effect

It is normal for a financial asset to attract interest when its price is rising. The last few days have seen SHIB price increase by over 300%. This is attracting people across all corners of the world in trying to get part of the rise.

There is a growing SHIB popularity across most media channels. This is attracting a big number of potential investors who previously didn’t consider investing in SHIB to consider it.

In return, this is bringing huge demand for the coin helping it grow its price.

Finally, Elon Musk Effect has caught up with SHIB as well. His tweets and comments on the coin have a big impact on its price.

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Conclusion

These factors are critical in growing Shiba’s price in the future making the 1 cent figure remain a possibility. However, it will not be an overnight occurrence as the price is still far from that level.

The general cryptocurrency uptake remains below 10% at the global level. This indicates the opportunities are immense as more uptake continues.

As more users embrace the coin, as more burns happen, then, there is a high chance of getting to $0.01 sooner than we think.

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