Shiba Inu (SHIB) has one of the most dedicated and loyal communities in the cryptocurrency space. The dog-themed cryptocurrency has come a long way since its debut in August 2020. The asset’s price has risen by millions of percent and has since climbed to the 12th position in terms of market cap.
SHIB reached an all-time high of $0.00008616 in October 2021. Since then, the asset’s price has fallen by more than 70%. However, SHIB fans and investors continue to pursue higher prices. One goal for many SHIB fans is $0.001. Let’s see how the popular dog-themed cryptocurrency can reach this price point.
How did Shiba Inu (SHIB) reach $0.001?
One of the biggest obstacles to SHIB's price is its large supply. There are currently about 589 trillion SHIB tokens in circulation. If the cost per coin reaches $0.001, the market capitalization of the project will reach an unrealistically large number. Therefore, the SHIB team needs to reduce the supply of tokens before aiming for a higher price. There are reports that the team is working on a new destruction mechanism that is rumored to destroy trillions of tokens per year. If the team can significantly reduce the supply of SHIB, the probability of a surge in the price of this asset is higher.
The second thing that could bring Shiba Inu (SHIB) to $0.001 is more development of the project’s layer 2 network, Shibarium. If more applications are built on Shibarium, it will lead to more demand for SHIB, leading to a price increase.
The third development that will take Shiba Inu (SHIB) to $0.001 is the overall positive market environment. SHIB hit an all-time high in 2021, when the crypto market was at its most bullish. Most of the top assets hit all-time highs in 2021. Similar conditions will greatly help SHIB achieve its price target.
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