Will SHIB prices rise tenfold in 2021? Here are the possibilities for your Shiba Inu:
Shiba Inu prices have yet to experience a significant price spike since peaking in 2022 and then plummeting. However, with the cryptocurrency market now recovering and Bitcoin on the verge of hitting the $50,000 mark, investors are wondering whether SHIB could experience a 10x rally similar to its 2021 surge in the coming months of 2024. . Eliminate another zero and move towards the $0.0001 milestone.
Will Shibarium make an impact this year?
Shibarium, Shiba Inu’s latest Ethereum layer 2 blockchain, officially launched its mainnet on August 16, 2023, sparking a huge surge in the memecoin market. This enthusiasm is driven by the incredible performance of generating over 21 million wallets, especially during the testnet phase.
These developments bring a bright future to the SHIB community and create opportunities for a potential 10x increase in SHIB prices this year. These opportunities are strengthened by Shibarium’s ongoing milestones in on-chain user activity and transactions.
For example, Shibarium recently surpassed 3 million blocks. The platform, which aims to improve transaction efficiency and scalability of the Shiba Inu network, has currently reported over 334 million transactions and collected 1.35 million wallet addresses.
With an average shut-off time of just 5 seconds and gas bills of virtually zero, Shibarium has demonstrated remarkable efficiency and economy in operation. Additionally, the number of daily transactions reached an impressive 2.46 million.
This strong data points to a bullish outlook for SHIB prices. Despite no notable price increase since the previous Shibarium performance, the general sentiment towards memecoin continues to be optimistic. It is possible that the price of SHIB will approach the $0.0001 level in the coming months.
Potential Obstacles and Intense Competition
Shiba Inu, often referred to as the “Dogecoin killer,” saw a 10-fold increase in October 2021, with its price rising from a low of $0.000007 to a high of $0.00008 in a matter of days. This year, these rallies are looking more accessible due to numerous positive network developments and the hype surrounding the upcoming altcoin season.
Additionally, as seen in recent market data, the community is heavily engaged in SHIB token burns, with SHIB burns currently showing a 127.41% increase. The Shiba Inu community reported that 17.39 million SHIBs were burned in the last 24 hours and 55.63 million SHIBs were burned in the past week.
Nonetheless, SHIB’s 10x rally potential may face obstacles from popular memecoins that are facing strong competition in the market. These competitors include Dogecoin, Pepe Coin, and Bonk, which previously eclipsed SHIB in terms of market interest.
Its main competitor, Dogecoin (DOGE), boasts a market capitalization of over $11.5 billion, while Shiba Inu has a market capitalization of $830 million and recent peers such as Bonk (BONK) and Pepe (PEPE), which have market caps of $431 million. Outperforms new additions to the market. each.