Imam Hossain Hridoy
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Shiba Inu Coin at $1: Is It Possible and How to Get There?
The Challenge of Market Cap
One major hurdle is market capitalization. For SHIB to reach $1, its total market cap would need to align with its circulating supply. As of now, SHIB has over 589 trillion tokens in circulation. At $1 per token, that equates to a market cap of $589 trillion—a figure larger than the GDP of most countries and far beyond the total market cap of all cryptocurrencies combined.
Clearly, reaching $1 is not feasible with the current token supply. This brings us to the first necessary step: reducing the circulating supply.
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How to Make It Possible
1. Token Burns
Token burning is a process of removing tokens from circulation by sending them to an inaccessible wallet. A sustained and significant burn rate would reduce supply, potentially increasing the price per token.
The Shiba Inu community has already initiated burns, but the scale needs to be magnified. For example, if 90% of the current supply were burned, the remaining tokens would need a lower market cap to achieve $1.
2. Increased Utility
For SHIB to grow, it must transition from being a meme coin to a cryptocurrency with real-world utility.
Shibarium, a layer-2 blockchain, is a promising step, enabling faster and cheaper transactions.
Partnerships with businesses and integrating SHIB for payments could boost its adoption and demand.
3. Community Effort
The Shiba Inu community, also known as the ShibArmy, is one of the largest and most passionate in the crypto space. To drive SHIB to $1, the community needs to:
Organize and promote large-scale burns.
Advocate for adoption by merchants and platforms.
Collaborate on projects that add tangible value to the ecosystem.
$SHIB
The Challenge of Market Cap
One major hurdle is market capitalization. For SHIB to reach $1, its total market cap would need to align with its circulating supply. As of now, SHIB has over 589 trillion tokens in circulation. At $1 per token, that equates to a market cap of $589 trillion—a figure larger than the GDP of most countries and far beyond the total market cap of all cryptocurrencies combined.
Clearly, reaching $1 is not feasible with the current token supply. This brings us to the first necessary step: reducing the circulating supply.
---
How to Make It Possible
1. Token Burns
Token burning is a process of removing tokens from circulation by sending them to an inaccessible wallet. A sustained and significant burn rate would reduce supply, potentially increasing the price per token.
The Shiba Inu community has already initiated burns, but the scale needs to be magnified. For example, if 90% of the current supply were burned, the remaining tokens would need a lower market cap to achieve $1.
2. Increased Utility
For SHIB to grow, it must transition from being a meme coin to a cryptocurrency with real-world utility.
Shibarium, a layer-2 blockchain, is a promising step, enabling faster and cheaper transactions.
Partnerships with businesses and integrating SHIB for payments could boost its adoption and demand.
3. Community Effort
The Shiba Inu community, also known as the ShibArmy, is one of the largest and most passionate in the crypto space. To drive SHIB to $1, the community needs to:
Organize and promote large-scale burns.
Advocate for adoption by merchants and platforms.
Collaborate on projects that add tangible value to the ecosystem.
$SHIB
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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