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After experiencing mixed successes in the past 2 years, most investors are now wondering whether the Shiba inu coin price will hit $0.01.
The cryptocurrency market has become very unpredictable due to the amount and levels of volatility. Some of the factors that make it this way are that it is still young and unregulated. However, the key point is that it continues to attract millions of investors by the day.
Since its launch in 2020, the Shiba Inu coin price has been nothing short of dramatic. The coin has managed to join the list of major coins both in value and popularity when it was still operating as a meme coin.
The key question of whether will Shiba inu coin price hit $0.01 can’t be answered in isolation. You have to look at the whole market in general. Some key elements will determine if this is possible.
Faster rollout of Shiba products
For any coin to become successful, it has to get real-life usage. This will allow consumers to use it on a day to day in activities such as doing transactions.
Although Shiba is still far from achieving this level of usage, the developers are busy creating these capabilities. Some of the products already in the market and ongoing include the Shiboshi Non-fungible tokens, Shiberse, and shibarium that is expected to launch later this year.
These solutions require a lengthy adoption time before they can impact the price in a big way. However, this is the first step through which Shiba inu coin price can hit $0.01. Until such a time when acceptability and usage are optimal, it will be a long ride getting to this price.
Shiba coin burning
The current Shiba coin supply of 500 trillion coins makes it almost impossible to get to this price level. Hence, the only solution to this is to fasten the coin-burning process. Although this is already happening, the pace is so slow to have any tangible impact on the price.
Acceleration in burning would be key in driving the Shiba inu coin price to $0.01. However, the lack of such a remedy means it will become almost an impossibility to get to this price.
Perhaps this is among the most important drivers that most analysts tend to ignore when forecasting future price movements.
Regulations could make or break the coin. We have already witnessed some countries banning some currencies and this always has a big impact on price. However, favorable regulation could also become a big booster to the price.
Hence, this will be a key determinant of whether Shiba will get to this level.
Conclusion on whether will Shiba inu coin price hit $0.01
From the above factors, it is still early to determine whether Shiba is ready to make this milestone. One factor alone is not adequate to drive the price.
It will require a combination of all these elements to help boost the price to these levels. It is also good to note that at this price, Shiba will have a huge market valuation that could make it the largest cryptocurrency in value.