Shiba Inu (SHIB) investors want to move towards the ‘one cent dream’, not just remove a zero from the meme coin’s price. However, despite its popularity, SHIB has difficulty breaking even the $0.000001 barrier.
According to IntoTheBlock, SHIB faces significant resistance from $0.000010 to $0.000027. According to the data, approximately 404,100 addresses purchased 615.41 trillion SHIB at $0.000016. Currently, the token has to overcome the selling pressure on these investors.
According to weekly charts, Shiba Inu increased by 2.4% and 9.6% on 14-day charts. However, there was a 1.3% correction on the daily charts, recording a 28% decline in price since February 2023.
How Realistic Is the $0.005 Goal for Shiba Inu?
Is it possible for Shiba Inu to reach $0.005 in 2024? Platforms such as Changelly and Telegaon predict that this goal can be achieved between 2033 and 2040. However, it should be noted that SHIB faces significant obstacles to raising its price.
SHIB’s popularity is now a known fact. On the other hand, the SHIB community, which strives to increase its price, constitutes an important force. However, Shiba Inu priceRaising the price may be difficult because the huge supply poses a significant obstacle. The team is working on a new burn mechanism that will reduce the number of tokens in circulation. This means SHIB can clear a few zeros faster.
As Shiba Inu (SHIB) struggles to increase its price, investors and the community must consider the token’s potential and hurdles. Strategic decisions about what to do may impact SHIB’s future performance.
