The Shiba Inu (SHIB) is one of the most popular crypto assets on the market. However, the coin’s price struggled for much of 2023. The asset is only up about 22% since January this year, while other cryptocurrencies such as Bitcoin (BTC) have surged more than 150%. Additionally, SHIB launched a significant Layer 2 network earlier this year. However, the issuance failed to push the price of the token as high as many expected.
Despite its poor performance in 2023, many fans believe SHIB will soar in the next bull run expected in 2024.
Will Shiba Inu (SHIB) reach $0.001 in the next bull run?
If the price of SHIB reaches $0.001, it would represent a growth of approximately 10,000% from current levels. Even a small investment can yield a high return if the project meets its goals. However, reaching $0.001 is not an easy task.
According to Changelly, the maximum price for a Shiba Inu (SHIB) may reach $0.0000169983 in 2024. Higher prices mean growth is about 71% lower than current levels. The platform does not expect SHIB to break the $0.001 mark until 2032.
The most significant obstacle on Shiba Inu’s (SHIB) path to $0.001 is its massive supply. The current supply of the project is approximately 589 trillion. If the coin reaches $0.001, the market will become unrealistically large. However, the SHIB team revealed that they are working on a new combustion mechanism that could significantly reduce the supply of Shiba Inu dogs (SHIB). Additionally, the team recently performed a hard fork of the Shibarium network to enhance burning. Some say the new burning mechanism could eliminate trillions of tokens each year. If the project could remove trillions of tokens every year, we might reach the $0.001 goal much sooner. However, this is unlikely to happen in 2024, when the next bull market is about to begin.