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Since falling from its 2022 peak, the Shiba Inu price has yet to see a significant price increase. But with the crypto market recovering and Bitcoin poised to hit the $50,000 mark, investors are curious if SHIB could experience a ten-fold rally similar to its 2021 surge over the coming months of 2024. This article explores the potential for the Shiba Inu price to increase. eliminate another zero and head towards the $0.0001 mark.
Will the Shibarium have its impact this year?
Shibarium, the latest layer 2 Ethereum blockchain from Shiba Inu, officially launched its mainnet on August 16, 2023, sparking a huge uptrend in the memecoin market. This enthusiasm was particularly driven by the remarkable success of creating over 21 million wallets during its testnet phase.
Such developments bring a bright future to the SHIB community, creating chances of a potential 10x rally for the SHIB price this year. These odds are bolstered by Shibarium’s continued milestones in on-chain user activity and transactions.
For example, Shibarium recently surpassed three million blocks. Aimed at improving the transaction efficiency and scalability of the Shiba Inu network, the platform now reports over 334 million transactions and has collected 1.35 million wallet addresses.
With an average block time of just 5 seconds and virtually zero gas costs, Shibarium has demonstrated remarkable efficiency and affordability in its operations. Additionally, it reached an impressive 2.46 million daily transactions.
This robust data points to a bullish outlook for SHIB price. Despite the lack of notable price increases following Shibarium's previous achievements, the general sentiment towards the memecoin remains bullish. It is possible that SHIB price will approach the $0.0001 level in the coming months.
Potential obstacles and tough competition
Shiba Inu, often referred to as the “Dogecoin Killer,” experienced 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, such a rally seems more accessible, due to many positive network developments and hype surrounding the upcoming altcoin season.
Additionally, the community is intensively engaging in SHIB token burning, as shown by recent market data showing a 127.41% increase in SHIB burning to date. The Shiba Inu community reported burning a staggering 17.39 million SHIBs in the last 24 hours and 55.63 million SHIBs in the previous week.
Nonetheless, SHIB's 10x rally potential may face obstacles from prominent memecoins that present strong competition in the market. These competitors include Dogecoin, Pepe coin, and Bonk, which previously dominated SHIB in terms of market interest.
While Dogecoin (DOGE), its main rival, boasts a market cap above $11.5 billion, Shiba Inu outperforms more recent additions to the market such as Bonk (BONK) and Pepe (PEPE), which hold market caps shares of $830 million and $431 million. respectively.
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