1. Shiba Inu’s Aspirational $0.01 Price Target: Many SHIB holders dream of seeing the token reach the $0.01 mark. While the token is far from this milestone, achieving it would mean substantial gains for investors, making a portfolio of 52.5 million SHIB (currently worth around $1,000) worth approximately $525,000.
2. Current Price and Required Growth: SHIB is currently trading at $0.00001906, down 0.09% in the last 24 hours. To reach the $0.01 target, Shiba Inu would need to increase by a massive 52,365% from its current price.
3. Market Cap Needed for SHIB to Hit $0.01: With a circulating supply of 589.26 trillion tokens, SHIB would need a market cap of approximately $5.89 trillion to reach $0.01, a value more than double the entire current cryptocurrency market cap, which stands at around $2.61 trillion.
4. Challenges Due to Supply: Shiba Inu’s vast supply of tokens poses a significant challenge to achieving the $0.01 target. Analysts suggest that without drastic changes to its supply, such a price increase is unlikely to be sustainable.
5. Achieving $0.01 with a Lower Market Cap Through Burns: The most practical path for SHIB to reach $0.01 would be through substantial token burns. By sending SHIB tokens to an official dead wallet, the community can reduce the circulating supply, potentially raising the price.
6. Burn Initiatives and Shibarium’s Role: The Shiba Inu team is actively working on increasing burn rates, particularly through the Layer 2 Shibarium blockchain, which uses part of its transaction fees to burn SHIB. Since Shibarium’s launch, it has burned over 55 billion SHIB, and continued network growth could lead to further reductions in supply.
7. Long-Term Potential and Scarcity Effects: Large-scale burns over time could reduce the need for SHIB to achieve an outsized market cap, creating a more feasible path to the $0.01 target.
Disclaimer: This content is for informational purposes and does not constitute financial advice. The views expressed may reflect the author’s perspective and should not be relied upon for investment decisions.