• Shiba Inu (SHIB) is a popular meme currency that has gained 11430362.4% since its inception in 2020
• Currently, SHIB is changing hands at $0.00001043 after a surge of 3.84% in the last 24hrs
• Lack of social media buzz and massive circulating supply are posing as obstacles in its price rally
Shiba Inu (SHIB) is a popular meme currency that has been making headlines for the past few weeks. Since its inception in 2020, Shiba Inu has gained an impressive 11430362.4%, which is quite remarkable for a cryptocurrency. This has created a lot of excitement amongst investors and traders, who are now expecting Shiba Inu to reach the $1 mark.
At the moment, Shiba Inu is trading at $0.00001043 after a surge of 3.84% in the last 24 hours. The current price rally is impressive, but there are certain obstacles that are preventing the digital currency from reaching its full potential. Firstly, there is a lack of social media buzz, which has resulted in a lot of people being unaware of this cryptocurrency. This lack of awareness has been pulling back the price rally and is making it difficult for Shiba Inu to reach $1. Secondly, the circulating supply of Shiba Inu is too large, which has resulted in the currency not becoming scarce. It was in 2021 when Shiba Inu introduced its burn portal to send 2 SHIB coins to a dead wallet, but this process is not helping to reduce the supply.
To make matters worse, there are few whales that hold massive SHIB coins, which could be sold off anytime. If these whales decide to sell off their holdings, Shiba Inu will face a huge pullback. Therefore, for Shiba Inu to reach $1, the cryptocurrency needs to focus on reducing the circulating supply and creating more awareness. This is why investors are now looking forward to Shiba Inu’s Shibarium, which is expected to burn massive SHIB coins. Once this burning process is complete, Shiba Inu could potentially reach the $1 mark.