Since its inception, the Shiba Inu has sought to move beyond the meme label to secure its place among tech digital assets. Its adoption has been massive and projects in the pipeline should push the asset even higher. The Shiba Inu is currently trading at $0,000011, after surging 0,6% in the past 24 hours and 1% in the past seven days.
In a recent Twitter post, an account identified as @ShibBPP predicted that the asset could hit $0,01. According to the user, the massive price movement could be driven by three key factors: mass adoption, stacking or liquidity, and burning.
Growth rate and demand
The continued growth of the SHIB burn rate has always been considered an important catalyst for the upward movement. The functionality and combustion mechanism of Shibarium have even led to an exponential growth of these combustions. On April 7, the burn rate of the SHIB increased by 35.500%.
Over the past 24 hours, 1,1 billion SHIB tokens have been removed from circulation in three transactions. Compared to the average levels, this is a 5,5% increase in the amount of tokens burned. Interestingly, 1.178.830.489 have been removed from circulation in the past seven days in 26 transactions.
The massive consumption of the token is expected to cause a balance between supply and demand which could have a positive impact on its price. Based on current price data, 588,2 trillion tokens need to be incinerated to push the price to $0,01. From the total supply of 1 quadrillion, 410.630.138.380.883 (410,63 trillion) was burned according to ShibBurn.
The Shiba Inu is also said to be in great demand, as the whales continue to stockpile this commodity. Last month, two whales bought 1.000 trillion tokens in separate transactions. The asset is expected to return to receiving new rounds of investors and traders just like in 2021. Two years ago, huge demand pushed the price to $0,000086. A repetition of this phenomenon could increase volumes on exchanges and cause prices to soar.
Mass adoption of Shiba Inu
Mass adoption is another factor that could drive the price down to $0,01. Over the years, companies like BitPay, Binance, Bitcoin system and CoinGate have extensively promoted the use of cryptocurrencies as a means of payment. This paved the way for Shiba Inu to be used to make online payments, pay salaries, etc.
Today Shiba Inu is supported by Binance gift cards and can be used at 5000 points of sale (PoS) in major Italian cities. This means that users can now convert fiat to crypto and send or receive crypto. It is available for over 270 cryptocurrencies, including Shiba Inu.
