Here Is How Shiba Inu (SHIB) Could Reach $0.01; Where and When Will Bitcoin Bottom Out?

After erasing six “zeroes” two years after introduction, Shiba Inu is currently trading with four “zeroes” in its price. SHIB set an all-time low of $0.000000000082 (10 zeros) in September 2020 but has since experienced an incredible increase of 15,986,201.71%. Shiba Inu eliminated “zeroes” along the way up until October 2021 when it set new all-time highs of $0.000088.

After such a meteoric rise, Many investors are waiting for SHIB to cross the $0.01 threshold. Market observers claim that, albeit not necessarily assured, burning a significant number of tokens each day could cause the price of SHIB to increase. At the time of publication, SHIB was trading down 2.67% at $0.0000126.

Both ShibaSwap 2.0 and the upcoming Layer 2 Shibarium are anticipated to play significant roles in a hypothesis about burning trillions of SHIB. The local ecosystem may burn trillions more SHIB in the coming months as a result of DApps on Shibarium, according to SHIB Discord moderator SHIBQueenie.

There is also a chance that the renaming of the Shiba Inu Lands in the SHIB Metaverse will burn enormous amounts of SHIB. The beta launch of Shibarium is scheduled for Q3, 2022.

Of course, this does not take into account several other burn initiatives, which are currently documenting the burning of millions, if not billions, of SHIB in a matter of weeks. Leading Shiba Inu developer Shytoshi Kusama stated that burning trillions of Shiba Inu would be a “true community effort” that the community is working towards, though may take time.

Where and When Will Bitcoin Bottom Out?

When Bitcoin (BTC) reached an all-time high of about $69,000 in November 2021, the bull market for 2020–2021 came to an abrupt end. Since then, the price of bitcoin has fallen steadily, with no end in sight.

But during this bear market, there must be a bottom somewhere, which prompts many people to inquire: Is there a way to determine what the lowest price is? There are specific characteristics that appear in all bitcoin price bottoms.

According to Josh Olszewicz, head of research at cryptocurrency fund management Valkyrie Investments, “the 2015 price bottom happened after being held within a narrow price range for a year, and the 2019 bottom came after a three-month period of minimal volatility.”

Because buyers and sellers must attain an equilibrium up until demand exceeds supply, he explained, “bottoms often take time to form.” These prolonged times are referred to as “accumulation” in technical language.

Multiple hits of the 200-week moving average and holding below the realized bitcoin price, or the average price of all coins transferred on-chain, are indications of accumulation, according to Olszewicz.

It makes more sense to keep an eye out for a macro bottom given how closely tied macro conditions are to bitcoin’s price movement. “Until the Federal Reserve slows down its rate hikes, I do not think we can be convinced of a macro bottom,” said Marcus Sotiriou, an analyst at digital asset dealer GlobalBlock. At the time of publication, BTC was down 0.68% at $21,605.

Image Credit: Shutterstock