Since plummeting from its peak in 2022, the Shiba Inu price has yet to experience any significant price surges. But with the crypto market now recovering and Bitcoin on the edge of reaching the $50,000 mark, investors are curious if SHIB could undergo a tenfold rally similar to its 2021 surge in the upcoming months of 2024. This article explores the potential for Shiba Inu’s price to eliminate another zero and head toward the $0.0001 milestone.
Will Shibarium Have Its Impact This Year?
Shibarium, the latest Ethereum layer-2 blockchain from Shiba Inu, officially launched its mainnet on August 16 in 2023, triggered a massive bullishness in the memecoin market. This enthusiasm was particularly driven by the remarkable achievement of creating over 21 million wallets in its testnet phase.
Such developments bring a bright future for the SHIB community, creating chances of a potential 10x rally for SHIB price this year. These chances are strengthened by Shibarium’s continuous milestones in on-chain user activity and transactions.
For example, Shibarium recently surpassed three million blocks. Aimed at improving transaction efficiency and scalability for the Shiba Inu network, the platform now reports more than 334 million transactions and has gathered 1.35 million wallet addresses.
With an average block time of just 5 seconds and virtually zero gas fees, Shibarium has shown notable efficiency and affordability in its operations. Furthermore, it has attained an impressive daily transaction count of 2.46 million.
This robust data points towards a bullish outlook for SHIB’s price. Despite the absence of notable price jumps following previous Shibarium achievements, the general sentiment towards the memecoin continues to be bullish. There’s a possibility that SHIB’s price could approach the $0.0001 level in the upcoming months.
Potential Hurdles And Tough Competition
Shiba Inu, often dubbed the “Dogecoin killer,” experienced a 10x increase in October 2021, with its price climbing from a low of $0.000007 to a peak of $0.00008 in a few days. This year, such a rally appears more approachable, due to numerous positive network developments and the hype surrounding the upcoming altcoin season.
Furthermore, the community is intensively engaging in the burning of SHIB tokens, as seen by recent market data indicating a 127.41% increase in SHIB burns as of today. The Shiba Inu community reported the burning of an impressive 17.39 million SHIB in the last 24 hours and 55.63 million SHIB over the previous week.
Nonetheless, SHIB’s potential for a 10x rally could encounter obstacles from prominent memecoins that are presenting strong competition in the market. These competitors include Dogecoin, Pepe coin, and Bonk, which have previously dominated SHIB in terms of market interest.
While Dogecoin (DOGE), its primary rival, boasts a market capitalization exceeding $11.5 billion, Shiba Inu surpasses more recent additions to the market such as Bonk (BONK) and Pepe (PEPE), which hold market capitalizations of $830 million and $431 million, respectively.
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