Shiba Inu’s price could reach $0.01 soon due to investor interest, real-world utility, partnerships, blockchain development, and more.
The latest bleeding trend in the crypto market has seen Shiba Inu (SHIB) crash to $0.000008537. The coin is now down by 21% in its cumulative seven-day price performance.
However, Shiba had canceled a leading zero before the recent crypto market correction. As of last week, Shiba Inu traded at $0.00001025.
Crypto analysts have argued various price projections for Shiba Inu based on different factors. Below are five factors The Crypto Basic believes can push Shiba Inu to $0.01.
According to data from CoinMarketCap, Shiba Inu is the second-largest sensational cryptocurrency in the market. SHIB holds a market cap of over $5 billion, with significant daily crypto trading volume.
Meanwhile, its closest rival, Pepe (PEPE), only has a market share of $431 million with an incomparable daily trading volume.
The heightened investment in Shiba Inu suggests the craze around SHIB is far from over.
Recently, LunarCrush, a platform known for tracking trend projects, revealed insights into how much the crypto community discusses Shiba Inu.
According to its report, Shiba Inu’s social engagements hit 1.95 billion in under a week. This data implies the number of times Shiba Inu features in discourse within the crypto community.
Shiba Inu Is No Longer a Meme Coin
Unlike the majority of sensational cryptocurrencies, Shiba Inu now has real-world utilities. For example, as The Crypto Basic reported, a prominent payment gateway recently started allowing merchants to pay with SHIB.
Similarly, Shiba Inu enthusiasts can pay for services such as Uber Eats using SHIB tokens. The use case of a coin coupled with investor interests are factors experts say drive the value of an asset.
Shiba Inu Partnerships
Shiba Inu has entered multiple strategic partnerships aimed at growing the ecosystem. The most recent collaboration is with a top advisory firm, Alpha Transform Holding, as The Crypto Basic reported.
These alliances signify Shiba Inu’s all-around prominence in the digital space. The implication is that more people will become aware of SHIB and consequently invest in the asset.
Shiba Inu Blockchain Development
The Shiba Inu development team has released the much-awaited layer two scaling solution, Shibarium. The launch of Shibarium alone has generated much buzz in the crypto market that is yet to settle.
Notably, the development team has stated transactions on Shibarium will burn SHIB tokens. This implies that Shiba Inu is now on a robust scarcity model to shrink its circulating supply.
Before Shibarium, multiple projects have continuously burned SHIB. So far, over 410 trillion Shiba Inu has been burned from its initial supply, with the number expected to increase. This inflationary model is projected to increase the price of Shiba Inu
Expert Price Projections
A prominent data analytic firm recently shared the estimated time for Shiba Inu to trade at $0.05. Similarly, as The Crypto Basic reported, Google AI has also weighed in on the possibility of Shiba Inu hitting $0.01.