Shiba Inu had an impressive zero deletion streak in 2021, attracting early investors but, has since struggled to build on that huge start in 2022 and 2023
Shiba Inu, known for its remarkable feat of deleting six zeroes in just 10 months in 2021, which made early investors fortunes, lured in thousands of new and first-time investors hoping to replicate its success. However, the dream of hitting it big was short-lived as SHIB peaked at its all-time high of $0.00008616 in October 2021.
Since then, the once-promising dog-themed token has struggled to recapture its former glory and faced a dip throughout 2022. Unfortunately, the tides have not turned in 2023 either, as SHIB continues to trade sideways, testing the patience of its investors.
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Can Shiba Inu (SHIB) Hit $0.001 in 2023?
At its current trading price of $0.00001110, Shiba Inu would need to eliminate two zeros in the next eight months in order to reach $0.001. Achieving such a feat would require a rally akin to its impressive performance in early 2021. However, the likelihood of a similar surge and substantial gains in 2023 appears doubtful.
Presently, the markets are encountering frequent obstacles, hindering the upward momentum of both stocks and cryptocurrencies. For Shiba Inu to achieve a value of $0.001, it would need to surge by another 15,000% from its current price, which appears highly unlikely to happen within this year.
Furthermore, in order for Shiba Inu to attain a value of $0.001, its market capitalization would need to exceed $550 billion, which is currently nearly 10 times lower than the desired target of $6.4 billion.
Hence, a colossal surge, surpassing even the magnitude of the rally witnessed in early 2021, would need to occur for this scenario to materialize. Despite investors’ penchant for believing in fairy tales, it is unlikely to become a reality within the current year.
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As of the current moment, Shiba Inu is being traded at $0.00001100, marking a 5% decrease in the 24-hour trading period. Furthermore, SHIB has also experienced a significant decline of 87.28% from its all-time peak of $0.00008616, which was reached in October 2021.