Shiba Inu’s Quest for $0.05: Can This Memecoin Make a Comeback?

• Shiba Inu’s fans and investors continue to pursue higher prices for SHIB.
• SHIB has struggled in the last few years to rediscover its bullish form.
• Analysts predict a 5-cent target for SHIB before the end of 2050

Despite Shiba Inu’s (SHIB) loss of bullish momentum, the fans and investors of the dog-themed cryptocurrency continue to pursue higher prices. The project’s team and developers embarked on various strategies to reinvigorate the meme coin’s ecosystem, regenerate users’ activity, and encourage more adoption.

Shiba Inu was one of the early memecoin price trajectories that redefined crypto users’ expectations. The price movement took most of the crypto users by surprise, made several millionaires out of the early adopters, and triggered the emergence of similar products in that sector of the blockchain industry.

SHIB has struggled to rediscover the bullish form that pushed it to prominence shortly after its launch. The highly rated memecoin traded closer to its lowest value after a massive decline in 2022 before surging again in the first quarter of 2024. However, SHIB’s price declined after the early 2024 rally amid bearish pressure that kept it nearly 80% below its all-time price.

Following a bearish loss, Shiba Inu had lost almost all its gains from its previous bull run. However, necessary steps were taken by the team to revive the memecoin. One such step is introducing a burn mechanism, rumored to target the elimination of trillions of SHIB tokens from the project’s network.

Burning many tokens would drastically reduce SHIB’s supply and spur the price based on supply and demand. Several analysts predicted that the team’s goal is to introduce measures to trigger a SHIB price rally, setting their targets at $0.05. Though an optimistic target, the analysts think it is achievable but would take several years.

Read also: SHIB Burn Rate Explodes: Prices to Turn Bullish?

For instance, analysts at Changelly, a crypto exchange platform, predict SHIB will reach $0.05 sometime in 2050. More specifically, Changelly predicts a $0.3319668 price for SHIB before the end of 2050. Telegaon, a blockchain ecosystem-focused IT solutions platform, aligns with Changelly’s $0.05 target for SHIB. However, the firm foresees SHIB reaching the price target earlier between 2035 and 2040, predicting the memecoin will trade above $1 by 2050.