Twitter user and SHIB enthusiast @ShibBPP speculates 3 factors that could help the second largest memecoin SHIB reach the long-awaited $0.01.
@ShibBPP thinks they include: mass adoption, staking/liquidity, and burn. A combination of three factors is required for SHIB to reach its target price.
This will require a combination of three things $SHIB Hit 1 cent.
1 – Mass Adoption
2 – Staking/Liquidity
3 – burn— $SHIB BPP (@ShibBPP) April 7, 2023
Adoption of SHIB has expanded recently as it connects to the Travala platform through a new program. SHIB hodler now has access to travel agency affiliate programs. The initial partnership between Shiba Inu and Travala was announced last November, when SHIB was added to the list of cryptocurrencies accepted for payment services.
Additionally, Ralph Lauren recently started accepting Bitcoin, Ethereum, SHIB, and other cryptocurrencies as they plan to open a store in Miami’s Design District.
Additionally, on a daily basis, the SHIB community continues to remove significant amounts of tokens from the circulating supply.
Following the launch of Shibarium beta on March 11 under the name Puppynet, the burn scaled up further. On Friday, the SHIB burn rate rose to a whopping 35,500%, according to tracking platform Shibburn.
At the time of writing, Shiba Inu is the 14th largest cryptocurrency by market capitalization. While the utility of altcoins has faced doubts in the past, the launch of Metaverse and its Shibarium may have addressed those concerns.
On March 15, Shiba Inu announced the launch of its Metaverse portal, shib.io. The product launch comes after months of planning and selling Metaverse regions. With the launch of the new website, the SHIB community welcomes another platform that can provide utility for SHIB. Shiba Metaverse functionality can be added to the recently released Shibarium testnet.
However, IntoTheBlock revealed that the number of SHIB sold surpassed the purchase volume of 37.11 billion, bringing the total value of SHIB sold in the past 24 hours to the 1 trillion SHIB mark.
Sellers pressure continued to weigh on the Shiba as early as Tuesday, when the bid-ask gap hit SHIB 229.7 billion.
Although the number of Shiba Inu is increasing, it is still not as good as the cows in the middle. Thus, since the beginning of April, 126 people are bullish on SHIB and 116 are betting on the downside.
Given that IntoTheBlock only counts addresses that trade at least 1% of the total daily token value, the difference in 10 is significant.
Shiba Inu’s positive change from bulls to bears can also be seen on the coin’s price chart. From the highs set earlier this week, SHIB prices have lost 6.5% by the end of the week, falling below $0.000011 again.
Source: TradingView
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