A renowned cryptocurrency trader who goes by the Twitter handle $SHIB KNIGHT has voiced confidence regarding the possibility that the price of Shiba Inu (SHIB) might hit a level that has not been seen in the market for the past eight months, possibly somewhere around $0.0003. This forecast is predicated on the premise that the current valuation of memecoin has passed through the point where it is at its lowest and is now ready to begin an upward trajectory. $SHIB KNIGHT is not the only user with this anticipation; other users, such as LUCIE, the marketing strategist for Shibarium, have also predicted that SHIB might enter a bullish phase, highlighting its connectedness to the larger community. Shib Knight’s prediction is not unique.
The possible rise in the cost of a Shiba Inu could be due to a number of different circumstances, according to the opinions of many experts. These drivers include rising usage, the effective implementation of the token burning program, and the continued development of Shibarium, which is a layer 2 scaling solution.
The team working on the project only recently revealed a large decrease in the available supply of SHIB tokens, citing the fact that more than 2.3 billion tokens were destroyed in September. The month of August saw an even more significant decrease, with 5.7 billion tokens being delivered to an address that is currently unreachable.
Since it was first introduced to the public at the end of August, Shibarium has been making significant strides forward. The fundamental goal of this initiative is to improve Shiba Inu’s competitiveness by lowering fees and accelerating the processing times of transactions. The increased interest and participation within the Shiba Inu ecosystem is reflected in the fact that the platform has processed more than 3 million online transactions and possesses more than 1.25 million wallet addresses.