Could Shiba Inu Price Reach $10 by 2024?

Is it possible that the Shiba Inu price could reach $10 by 2024?

The Shiba Inu coin, inspired by the popular dog breed, has gained a significant following in the market. Originally conceived as a joke, the coin has evolved into something more serious over time.

Since its launch, the price of the coin has undergone significant fluctuations. Although it had limited popularity initially, the coin experienced a surge in 2021, propelling it into the spotlight. The coin intends to become the Ethereum-powered equivalent of Dogecoin's mining algorithm, which uses Srypt. At the same time, introducing Shiba Inu in the Shibaverse metaverse could potentially drive up trading prices.

Developments in the Shiba Inu ecosystem

The Shiba Inu ecosystem comprises decentralized applications (DApps), protocols, and open-source platforms that allow for the creation of smart contracts and DApps on the Ethereum blockchain. Additionally, it includes the SHIB token, which is used for purchasing goods and services within the ecosystem.

As anticipated, Shibarium, the Layer 2 protocol of the platform, is progressing well. This advancement will allow users to transfer assets at a reduced gas cost, facilitating the completion of minor transactions through DApps supported by Shiba Inu.

Additionally, the team has enlisted new developers to enhance the platform's user interface and experience. ShibaSwap gathered close to $1 billion in locked assets in just one day, confirming SHIB's position as more than just a meme cryptocurrency. The collaboration between Shopping.io and Shiba Inu provided a further boost, as customers could utilize SHIB as a payment option on major retailers such as Walmart, Amazon, and eBay.

Can Shiba Inu price 2024 touch $10?

The total supply refers to the number of coins that exist, excluding any that have been burned. This can be compared to the outstanding shares in the stock market. At the time of writing, there is a circulating supply of 0.549 trillion coins, so if we think about a $10 price of these tokens, we are talking about a market cap of $5.49 trillion, which seems to be unattainable at this point.

A Shiba Inu price 2024 of $10 seems unlikely.

As per AMB CRYPTO, the price of Shiba Inu in January 2024 is expected to fluctuate between $0.000027 and $0.000031, with an average price of approximately $0.000029.