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SHIB Price History
Shiba Inu was launched in August 2020 under the name "Dogecoin Killer", quickly gaining attention by strategically donating half of its supply to Ethereum founder Vitalik Buterin. This unconventional approach initially attracted a large following, with SHIB's trading volume sometimes even exceeding that of established participants like Ethereum.
In 2021, the rapid rise of Shiba Inu was followed by a subsequent drop of over 90%, falling below $0.00000008 in early 2023. However, a significant recovery has occurred in the past few months, with SHIB recently surging over 220% to break above the $0.00003 mark. While improved, this price remains far below the historical high of $0.0000667 set in November 2021.
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What is the SHIB Burn Rate?
The Shiba Inu burn rate is an important metric reflecting the community's enthusiasm and commitment to the ecosystem. It supports strategies aimed at reducing the token supply to actively increase its scarcity and potential value.
As SHIB is used to pay transaction fees on Shibarium, a portion of the tokens involved in these transactions will be burned, reinforcing this deflationary strategy. While this approach benefits long-term appreciation, the substantive price impact depends on the scale of these burns, requiring broader participation.
Shiba Inu and Bitcoin Correlation
The correlation between Shiba Inu (SHIB) and Bitcoin (BTC) is quite low, although SHIB often reflects Bitcoin's price movements in bullish trends, especially when institutional investment drives market sentiment.
According to data from Ark Invest, this weak correlation has persisted since the previous bull market cycle; since the recent cycle low, Bitcoin's price has risen about 5.72 times, reflecting the patterns observed in earlier cycles. If Bitcoin follows its past trajectory, it may experience significant price growth, potentially impacting the performance of altcoins in 2025.
Will the Altcoin Season Return?
To date, a large number of altcoins have performed well, with data showing that 20 out of the top 50 cryptocurrencies have outperformed Bitcoin since the beginning of this year. This indicates that the altcoin market is highly active, beyond just Bitcoin's traditional influence.
The substantial trading volume observed in November, as well as the historic levels of open interest contracts, suggest a strong market environment, with altcoin trading activity being driven by their fundamentals, not just Bitcoin's dynamics.
Additionally, the high volatility has led to the liquidation of a significant number of positions involving SHIB, totaling around $880 million, highlighting the ongoing complexity of the market.
Layer 2 and Chainlink Collaboration
The Shiba Inu project recently collaborated with Chainlink, integrating its cross-chain interoperability protocol (CCIP) into the Shibarium network. This partnership is expected to enhance the ecosystem's capabilities and support the adoption of decentralized finance (DeFi) applications.
As a leading cross-chain infrastructure, this collaboration paves the way for secure token transfers and access to real-time market data. SHIB developer Kaal Dhairya hinted at more developments related to this integration and suggested that additional features could significantly enhance the user experience and functionality within the Shiba Inu ecosystem.
Will SHIB Reach $0.1 by 2025?
Given the current market dynamics, forecasts for SHIB reaching significant milestones, such as $0.1 by 2025, remain conservative. With SHIB's all-time high price at $0.0000667, the projected growth required to achieve this target seems unattainable based on the current trend.
Nevertheless, SHIB's trading volume indicates the active participation of various traders. However, if it fails to hold key support levels like the 50 EMA, there is a risk of further downside, which could trigger cautious sentiment among investors.
What Will SHIB Cost in 2025?
Utilizing the Relative Strength Index (RSI), traders can gain insights into the best trading opportunities for Shiba Inu across different time frames. With fluctuations in the RSI values, the current target observed by traders is to reclaim the $0.00003 level, which could lay the foundation for further upside beyond the recent highs.
Notably, the SHIB burn rate has surged significantly by 1,068%, leading to the destruction of over 51.7 million tokens. This momentum, combined with the notable increase in the Total Value Locked (TVL) on Shibarium, suggests potential growth in ecosystem activity.
The resilience of SHIB is evident, with over 64% of holders currently in profit, and the weekly chart reflecting the potential for continued price appreciation by 2025. Analysts suggest that if the current correction concludes, SHIB regaining the $0.0000300 threshold in the first quarter of 2025 appears feasible.
Conclusion
In summary, Shiba Inu is experiencing a noteworthy recovery, driven by its unique ecosystem strategy, community engagement, and strategic partnerships. While the Shiba Inu's development journey remains volatile, its growth potential by 2025 appears promising, particularly under effective community and market strategies.
