To the Moon: Shiba Inu (SHIB) Finally Reaches a New All-time High Price – Is a 1 Cent Price Level Next? [Updated]

Shiba Inu (SHIB), a cryptocurrency project that started every bit a competitor to Dogecoin but which has since transformed into a veritable momentum engine, just made history by reaching a new all-fourth dimension high price.

$SHIB hits new all-fourth dimension-loftier at $0.00003982, with 24-60 minutes volume surging over 500%

— Stock Talk Weekly (@stocktalkweekly) October 24, 2021

At the time of writing, Shiba Inu'due south SHIB coin is trading at $0.00003982. This is higher than the previous zenith of $0.00003791 recorded back in May 2021. SHIB coin's current price level now corresponds to year-to-engagement gains of 54 meg pct!

Factors behind the extraordinary rally in Shiba Inu'due south SHIB coin

Readers would remember that the wider crypto sphere, including Ethereum and Shiba Inu'southward SHIB coin, was hammered toward the start of the summer when Elon Musk adopted a much more than cynical stance toward Bitcoin. Concurrently, Cathay shook the last vestiges of that bull run when it banned crypto mining altogether, forcing a mass exodus of all mining operations out of the country. Since and so, still, the US SEC has indicated that a Mainland china-style crypto ban is non in the offing in the globe'due south leading economy, thereby creating a much more conducive environment for cryptocurrencies.

We had noted in a recent post that a transition in crypto leadership might exist in the cards at present. Over the by few bullish cycles, Bitcoin has always led the initial balderdash run with outsized gains. This stage has been followed by a more general crypto mania under the leadership of altcoins. Given that a futures-based Bitcoin ETF (BITO) has already commenced trading, the most firsthand bullish impulse for the earth's premier cryptocurrency has now been realized. This scenario favors a gradual transition toward altcoins, including Shiba Inu.

🚨NEW PAIRS ADDED + Burn🔥!!!!

The Shiba Community asked for a Burn 🔥 and #ShibaSwap DEVs have listened, and are delivering!

As one part of the new listings plans, they have implemented a burn process to reduce $SHIB and $LEASH supply. film.twitter.com/lfooX0S00D

— Shib (@Shibtoken) August 7, 2021

Of course, there are a number of endogenous factors that are also contributing to the electric current rally in Shiba Inu's SHIB coin. First, the project's developers are now pursuing a concerted supply fire strategy in society to reduce the SHIB coins in circulation, thereby paving the way for a meteoric price rise. Every bit a part of this initiative, SHIB coin holders are voluntarily sending their coins to an inaccessible wallet, effectively removing those coins from circulation.

In another scheme past Shiba Inu developers that nosotros've covered previously, x,000 NFTs in the form of Wen Shiboshis are set to drib soon. Initially, these Shiboshis will only have generic names, for instance, 00001. Yet, the holders of these NFTs would be able to change their names for a $100 fee paid in SHIB coins. The caveat here is that these SHIB coins would then be burnt in a dedicated wallet. This ways that whenever the name of whatsoever of the 10,000 Shiboshi NFTs is changed, $100 worth of SHIB coin would be burnt for each instance. At the current pricing, $100 is equivalent to 2.511 million SHIB coins. Conduct in mind that the token had started with a total supply of 1 quadrillion coins. Currently, in that location are a piffling over 394.796 trillion SHIB coins in circulation.

Moreover, Shiba Inu's SHIB coin may soon debut on the popular retail brokerage platform, Robinhood. A petition on Change.org has already garnered 296,303 signatures (at the time of writing) in support of SHIB's listing on the platform. Behave in heed that Dogecoin, a cryptocurrency that experienced a similar momentum outburst earlier this year, had also registered outsized gains in the runup to its Robinhood listing.

With Shiba Inu at an all-time loftier now, predictions for the SHIB coin to hit the one cent toll level are growing always more forceful. While the probability for this eventuality is still remote, it certainly remains within the realm of the possible.

Update: Elon Musk ruins the SHIB Money's Party

In keeping with his fourth dimension-honored tradition of sparking epic balderdash runs while catastrophe others, Elon Musk may accept nipped the ongoing rally in Shiba Inu's SHIB money in the bud. To wit, the CEO of Tesla has now confirmed via a tweet that he owns no SHIB tokens.