What would need to happen for Shiba Inu to reach $0.001?

In order for Shiba Inu to deliver some form of repeat performance to 2021, three things would need to go its way.

Arguably, the most important catalyst for SHIB is the expected launch of Shibarium, an internally developed layer-2 blockchain that’s specifically designed to lower transaction costs. Not only would lower transaction costs make SHIB more appealing from a merchant standpoint, but it would, more importantly, fuel non-fungible token (NFT)-based gaming and NFT marketplace transactions. Shiba Inu’s metaverse ambitions are dependent on lowering transaction costs.

Despite rumors that Shibarium would make its debut sometime during the first quarter, Shiba Inu’s developers have noted that no definitive timetable has been placed on a public beta launch.

The second core catalyst that would be necessary to generate a nearly 7,800% return by 2024 is coin burn (and lots of it!). Coin burn is a lot like a stock-buyback program, but for cryptocurrencies.

When a publicly traded company repurchases its own shares, it makes each remaining share that much more valuable. The same idea applies with coin burn. By sending tokens to dead (i.e., inaccessible) blockchain addresses, the remaining supply of tokens is reduced.

Some time back, Ethereum founder Vitalik Buterin played a key role in fueling Shiba Inu’s run higher. After being gifted roughly half of SHIB’s 1 quadrillion token supply, Buterin sent more than 410 trillion tokens to a dead blockchain address. With a single click, Buterin reduced SHIB’s outstanding coin supply by 41%.

Last but not least, Shiba Inu is going to need even more social media buzz than it had during its monumental run-up in 2021. According to Etherscan, there are 1.22 million individual wallets holding SHIB tokens, as of Sept. 12, 2022. To hit $0.001, this ultra-popular meme coin would need these folks out in full force to create buzz on social media.