Shiba Inu [SHIB], the second-largest meme currency by market value, had a price spike of more than 21% on a 7-day scale. This aided SHIB investors in making up for the losses sustained during last week’s market collapse. However, recent data reveals that the asset was back in a slump. SHIB was trading at $0.00001607 with a 3% drop over the last 24 hours. With consistent downfalls in the SHIB market, investors are growing weary wondering if SHIB can still achieve its 1 cent dream.
Looking Back At Dogecoin
Cryptocurrency analyst, Luis Delgado [Del Crxpto] highlighted how Dogecoin [DOGE] broke the $0.01 price mark. In Dec. 2013, Dogecoin, the world’s first meme coin, entered the market priced at $0.00056. In August 2014, the token dropped to $0.0001 after rising to a high of $0.00232 in just one month. Following this, for over four years, DOGE traded between $0.0001 and $0.0002.
Also Read: Shiba Inu Price Post Ethereum ETF Approval: Is SHIB Hitting $0.0016?
Discussions of a rally to $0.01 at the time appeared absurd because of the surge required to reach that price. But things soon changed during the 2017 bull run. In the end, this surge gave rise to a peak of $0.01073 in December 2017.
Can Shiba Inu Hit $0.01?
Shiba Inu’s recent price movement has made it difficult for investors to believe that the meme coin can surge. Delgado brought about hope in the market that SHIB could reach its $0.01 mark. He has time and again pressed on this objective, noting his faith in it. Previously the analyst suggested that a Shiba Inu rise to $0.01 is a “certainty.”
Factors like the market sentiment and updates within the Shiba Inu community will play a major role in boosting the price of the meme coin.
