The Shiba Inu (SHIB) suffered a steep price drop. Now investors are wondering when the meme coin will rise. So does SHIB have the potential to do 10x in the future? For the answer to this question, we need to look at the general market and developments around the meme coin.
Will the Shiba Inu (SHIB) do 10x again?
First of all, SHIB’s burning program continues to grow. Therefore, the probability of an uptrend increases in the long-term perspective. Secondly, there is a possibility that SHIB will gain momentum due to Ethereum Merge. Historically the meme coin has done 10x many times and it’s possible that it will happen again. So how will this happen?
Shiba Inu burns and these developments support the rally
A little over a year ago, the Shiba Inu peaked at around $0.0008. However, it later dropped and was trading close to $0.00001 at some point in 2022. Therefore, a return to the 2021 peak, followed by an acceleration-driven rise, has the potential to give SHIB holders a 10x return on their investment. That’s easier said than done, of course. Still, if you’re going to aim for 10x gains, the time to step in should come after the collapse of a highly believer altcoin.
By the way, one of the most believed altcoins is Shiba Inu. So, at least there is a large community that will be by SHIB’s side through the ups and downs. Part of this community is the Shibburn team, the SHIB burn watcher who often posts on social media. For example, in a September 16 Twitter post, Shibburn said, “A total of 136.8 million SHIBs have been burned in 11 transactions in the last 24 hours.” This tweet has already received hundreds of likes on Twitter. These burns and the hype around it will be a major factor in the rise of SHIB.
Ethereum Merge could trigger a surge in SHIB price
On September 15, a landmark crypto event took place. cryptocoin.com As we reported, Ethereum moved from PoW to PoS with Merge. With this change, the energy consumption in the Ethereum network decreased by approximately 99%. However, PoS seems to reduce gas fees and costs on the Ethereum network in the long run. So the transition to PoS is beneficial for the entire Ether ecosystem. Shiba Inu is also one of the tokens that will benefit from these benefits. William White explained this connection as follows:
“SHIB and everything connected to it is based on Ethereum. A notable point in Merge is the shredding mechanism. This will increase transaction speeds on the Ethereum network. So it will also benefit SHIB with less gas fees and higher speed.”
What should investors expect now for SHIB?
Don’t take the wrong message out of this article. SHIB is volatile and there is no guarantee of 10x ascension or any rise. However, there are reasons to consider holding a very small position in SHIB. It has a loyal community and a strict token burning program. Also, the Shiba Inu is likely to benefit from the Ethereum Merge upgrade, which has also grabbed the headlines.
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