Shiba Inu is currently seeing astronomical gains from its price at launch, but how much of a surge it could observe from its current position remains to be seen.
Shiba Inu (SHIB) is currently a long way from its initial price of $0.0000000005 when it launched in August 2020. The asset has so far removed four zeros from its price since launch, making it one of the highest-gaining assets of all time. However, how well it could replicate its previous rallies remains to be seen.
At its current value of $0.00000851, SHIB is over 14,000% up from the price of $0.00000006 it was trading at on April 1, 2021, and 1,418,233% up from the price at launch. This indicates that the asset has deleted two zeros from its price in the past two years and four zeros since launch. Investors who missed out on the previous rallies are looking for an additional price surge – especially one that could take the asset to $0.01.
Shiba Inu would need to increase by 117,408% to hit a $0.01 price, a greater price appreciation than the market has witnessed in the past two years. However, it is way less than the gain it has observed since launch. If SHIB can reclaim the $0.00001 price territory in the short term, staging a rally to $0.01 in the future would require the removal of three zeros.
When Could Shiba Inu Hit $0.01?
Nonetheless, the crucial question is, when can SHIB hit such a lofty price position? The crypto market is one of the most volatile financial markets, with price fluctuations determined by numerous factors, including an asset’s tokenomics, market sentiment, macro conditions, and developments surrounding the token.
While it is difficult to accurately ascertain if and when SHIB would hit $0.01 due to these erratic fluctuations, such a massive price surge would require support from the broader market and positive developments surrounding the Shiba Inu ecosystem.
The broader crypto market is currently in a downturn which has mitigated the chances of a rally for most mainstream assets, including Shiba Inu. However, a CryptoQuant analysis released today suggests that the markets might be transitioning to the bull phase, led by Bitcoin (BTC).
Moreover, the Shiba Inu ecosystem is gearing up to welcome projects such as Shibarium, its layer-2 network, and SHIB: The Metaverse, the ecosystem’s metaverse project. These projects are expected to bolster token burns and introduce more utility and demand into the ecosystem.
With the next BTC halving expected in April 2024 and the markets seemingly transitioning to a bull phase, if the hype from the upcoming SHIB-based projects coincides with the next bull market, Shiba Inu could see its value take off. However, it is challenging to forecast by how much the asset could rally.