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The current fall in Shiba price is having most investors wondering if the coin is already past its prime. Objectively, the answer is no. It is still too early to write off a coin that is less than 2 years old in the market. Any experienced trader would agree this is just the beginning.
For the better part of this year, Shiba has been creating millionaires almost instantly with its huge price gains. This rise has put the coin among the biggest cryptocurrencies.
After such a tremendous rise, the coin is now clearly in the bear’s hands with the price falling by at least 50% from its prime. Currently, it’s trading at an average of $0.00005.
What is Shiba Coin?
Shiba coin is a decentralized blockchain token launched in 2020. Its cryptocurrency SHIB is a peer-to-peer currency that is meant to facilitate transactions. It has also recently launched its own NFT tokens known as Shiboshis and has a ShibaSwap platform that supports some functions such as staking and swapping.
The network evolving rapidly with all these utilities happening within less than a year. This fast growth has brought over 1 million investors and a market cap of 28 billion dollars.
The $0.0001 Price
There is no doubt the recent fall in price will not continue indefinitely. At some point, the price is going to reverse with the right bullish momentum. This is normal in these types of markets where prices regularly move up and down.
Any new price rally could see the price of SHIB getting to the sentimental value of 0.0001 dollars. This will be a new all-time high and represents a new milestone in the journey of getting the coin to 1 cent.
At the current price, SHIB needs a 100% rally to get to the 0.0001-dollar mark. Basing our argument on the previous SHIB price movements, such a rise is possible within a matter of days.
Recently, the SHIB price rose by at least 500 % in less than two weeks. This indicates you can’t rule it out getting to 0.0001 dollars before the year ends.
Shiba Acceptance By AMC.
Recently, there was an announcement by the AMC CEO on the company’s consideration of accepting SHIB for payments.
Most analysts agree this will be a game-changer if successful. Although this is a small company in comparison to the global market, such a move will have industrial-level consequences.
The use of cryptocurrencies for transactions remains slow due to various challenges such as technological barriers, regulatory challenges, and affordability.
For a coin made to facilitate transactions, this is a much-needed market trigger that could start the next rally. There are no clear timelines for the go-live. However, if it happens before the end year, it could cause the price of SHIB to hit 0.0001 dollars
Future of the Shiba token
Shiba and the cryptocurrency market, in general, are still young. This creates huge growth opportunities for the coin as we have seen in some sectors such as Non-fungible tokens and decentralized finance.
The ongoing bear run is gaining exhaustion setting the stage for another possible rally. There is little doubt the next rally could see the Price of the Shiba Inu coin getting to and possibly beyond $0.0001.