After Shiba Inu (SHIB) surpassed Cardano (ADA) to become the 10th largest cryptocurrency by market cap, attention has turned to the potential factors that could drive SHIB’s price to $0.00004.
Shiba Inu’s recent surge has reignited discussions about whether it can reach the $0.00004 level. The last time SHIB reached this price was on March 5. Since then, the token has experienced significant drops, falling below $0.00002 in April before recovering shortly after.
Following the latest rally, investors are optimistic that SHIB could reclaim the $0.00004 level in the near future. Achieving this target would require a 37.31% rally from the current price of $0.00002913.
To better understand the potential for SHIB’s price to reach $0.00004, three key factors have been identified.
Firstly, Shiba Inu’s burn rate plays a crucial role. Enthusiasts of the token have been actively reducing SHIB’s supply through burns. Shibburn data reveals that the burn rate has decreased by 69.57% in the past 24 hours, resulting in the destruction of 1,695,852 (1.69 million) SHIB tokens. Although the burn rate is negative, the ongoing effort to reduce supply could positively impact SHIB’s price in the coming days.
Secondly, trading volume is another significant factor. To reach the $0.00004 level, Shiba Inu must maintain a high trading volume. In the past 24 hours, SHIB’s trading volume has increased by 115.4% to $2.19 billion. This surge indicates strong investor enthusiasm for SHIB, which typically leads to increased buying or selling pressure, depending on market sentiment. As trading volume continues to rise, it could be instrumental in driving SHIB’s growth towards the projected $0.00004 mark.
Lastly, the activities of Shiba Inu whales could also impact SHIB’s price. Recently, whale activities have been relatively inactive, with only a few transactions initiated in the past few weeks. Data from IntoTheBlock shows that the large transaction count for SHIB soared to around 11,120 on March 4 but plummeted to 767 on May 13, representing a substantial decline of 93.1% in less than three months. As of May 27, Shiba Inu whales had only traded $29.93 million worth of SHIB, in stark contrast to Dogecoin, which saw whales trade $1.16 billion worth of DOGE in the same timeframe. If whale activities increase, it could contribute to SHIB’s price reaching $0.00004.
In addition to these three catalysts, other factors such as Shibarium, exciting partnerships, and projects within the Shiba Inu ecosystem could also boost SHIB’s price in the coming weeks.
It is important to note that this content is purely informational and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic will not be held responsible for any financial losses incurred.