Cryptocurrency and blockchain industry has gained greater acceptance all over the world in recent years. Although assets such as Bitcoin and Ethereum remain the most popular assets SHIBAlternative assets (altcoins) such as DOGE are also attracting attention.
The Shiba Inu (SHIB), which has gained popularity among these assets, is making waves from time to time and continues to caress the big expectations of investors. Some experts in the market, considering all developments, believe that the price of the asset has the potential to increase “10 times” before 2024. Here is the main reason behind these views.
Making sense of Shiba Inu (SHIB) Price Action
shiba inuhas had a volatile year in which its price has been highly volatile. At the beginning of the year, it was trading at $0.0000081. However, it hit a high of $0.0000151 a month later.
Although the difference was not as high as expected, it was quite a sufficient and relatively solid rise for a project whose foundations and objectives were not yet fully prepared. Investors also regarded this rise as a “positive” signal.
However, some investors continue to argue about where the expected “big bang” is. But for an anticipated explosion of this kind, SHIB has a lot to do. For example metaverse, Shibarium etc. Increasing adoption by reinforcing solutions is critical. Because the project is actually a meme coin It was taken out as a joke. The usage scenarios in daily life are not as high as it seems.
Although the limited use of SHIB in real life is described as “worthless” by some names, it would be wrong to say this. Many investors are attracted to the Shiba Inu because of its low price point, making it an attractive option for those who want to invest in cryptocurrency but don’t have much money to spend.
Does Meme Coin Have Potential?
Although Shiba Inu has been promoted as a meme coin, the developer team always states that they are more. The meme coin, which also managed to gain a loyal community in a short time, has also made many important partnerships and technological developments.
For example, in 2023, it partnered with a major e-commerce platform to allow users to buy and sell products using SHIB. This is a positive sign that the cryptocurrency is gaining general acceptance and can be used for real-world transactions in the future.
Analysts ultimately identified three main reasons for the potential for a 10x price increase, taking into account many different factors.
- The first reason for the potential is that the price per token is really low. Therefore, it does not have much difficulty in attracting investors.
- The second reason is that its passionate community continues to grow quantitatively as well.
- The last reason is the technological developments and important partnerships established. As more companies partner with Shiba Inu, it will gain more legitimacy in the eyes of investors. This can lead to increased demand and higher prices.
While SHIB is a relatively unknown cryptocurrency, it has a strong supporter community, partnerships and collaborations, and a low price point that can generate significant gains for investors. However, when investing in crypto, it is important that you do your own research and do not perceive news from different places as advice.
You can follow the current price action here.