The Shiba Inu (SHIB) suffered a steep price drop. Now investors are wondering when the chest coin will rise. So does SHIB have the potential to do 10x in the future? For the answer to this question, we need to look at the general market and developments around the chest coin.
Will the Shiba Inu (SHIB) do 10x again?
First of all, SHIB’s burning program continues to grow. Therefore, the probability of an uptrend increases in the long-term perspective. Secondly, there is a possibility that SHIB will gain momentum due to Ethereum Merge. Historically the chest coin has done 10x many times and it is possible that it will happen again. So how will this be?
Shiba Inu burns and these developments support the rally
A little over a year ago, the Shiba Inu hit the top with around $0.0008. However, it later dropped and was trading close to $0.00001 at some point in 2022. Therefore, a return to the 2021 high and a subsequent acceleration driven rise has the potential to give SHIB holders a 10x return on their investment. It’s naturally easier said than done. Still, if you’re going to aim for 10x gains, the time to step in should come after the collapse of a highly believer altcoin.
One of these altcoins with a lot of belief is Shiba Inu. So, at least there is a large community that will be by SHIB’s side through the ups and downs. A segment of this community is the Shibburn group, which is a follower of the SHIB burn, which often posts on social media. For example, in a September 16 Twitter post, Shibburn said, “A total of 136.8 million SHIBs have been burned in 11 processes over the past 24 hours.” This tweet has already received hundreds of likes on Twitter. These burns and the hype around it will be a valuable factor in the rise of SHIB.
Ethereum Merge could trigger a surge in SHIB price
On September 15, a landmark crypto event took place. Koindeks.com As we reported, Ethereum moved from PoW to PoS with Merge. With this change, the power consumption in the Ethereum network decreased by about 99%. However, PoS seems to reduce gas prices and costs on the Ethereum network in the long run. So the transition to PoS is beneficial for the entire Ether ecosystem. Shiba Inu is one of the tokens that will benefit from these benefits. William White explained this relationship as follows:
“SHIB and everything connected to it is based on Ethereum. A notable point on the Merge is the shredding setup. This will increase process speeds on the Ethereum network. So it will also benefit SHIB with lower gas price and higher speed.”
What should investors expect now for SHIB?
Do not make false statements from this article. SHIB is volatile and there is no guarantee of 10x ascent or random ascent. However, there are reasons to consider keeping a very small case in SHIB. It has a loyal community and a strict token burning program. Also, the Shiba Inu is likely to benefit from the Ethereum Merge upgrade that has grabbed the headlines.