Shiba Inu (SHIB) and the larger cryptocurrency market faced a significant correction in the last few days. The popular memecoin has regained a zero, which it lost in late 2023. However, fans and investors are hopeful that SHIB will regain traction later this year.
Shiba Inu (SHIB) fans, popularly called the SHIB Army, have long pursued a higher price for the memecoin. In the case of Dogecoin (DOGE), many were weary about the cryptocurrency when it launched in 2013. However, when DOGE broke the $0.7 level, people went into a frenzy, and FOMO (Fear Of Missing Out) set in. A similar situation may unfold if SHIB executes a similar move.
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Nonetheless, the journey to $0.05 will not be easy.
Will Shiba Inu (SHIB) reach $0.05 in 2024?
Reaching $0.05 from current levels would translate to a growth of about 555,455%. Although the figure may seem incredibly large, it is not something the project has not achieved before. From its launch in August 2020 to hitting its all-time high in October 2021, SHIB’s price rallied by many million percent. However, for SHIB to repeat its 2020-2021 run, it needs to do a few things.
Firstly, during its rally in 2020-2021, half of Shiba Inu’s (SHIB) supply was burnt by Ethereum co-founder Vitalik Buterin. Buterin received half of SHIB’s supply upon the project’s launch. However, Buterin decided to burn 90% of the supply and donate the rest to charity. The massive burn had a significant impact on SHIB’s price. The project must carry out a similar burn for its price to rally.
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The Shiba Inu (SHIB) team recently revealed that the Shibarium network will automatically carry out burns from this month. Moreover, SHIB team member Lucie had previously said the project aims to burn 111 trillion tokens yearly, or roughly 10 trillion a month. If the team can execute such a burn rate from now on, we may see a spike in SHIB’s price soon.
However, to reach $0.05, a significant portion of SHIB’s supply has to be destroyed. Burning such a large quantity of tokens in one year might be a little far-fetched. Hence, we might not reach the $0.05 target in 2024, but if the project continues its burn initiative, we may get there soon.
