$0.01 Technically Possible for Shiba Inu with $589 Trillion Market Cap — Here’s the Only Way SHIB Can Reach It👇

This article highlights how Shiba Inu could achieve the coveted $0.01 price target at a lower-than-required valuation of $589 trillion market cap.

The potential for Shiba Inu to rise to the $0.01 target has been a dream come true for many SHIB holders. Many investors are already considering how they can retire early if Shiba Inu ever reaches this milestone.

However, Shiba Inu is currently trading well below the $0.01 target, which requires the token to surge tremendously to reach a penny. Shiba Inu is currently trading at $0.00001906, down 0.09% in the last 24 hours. This suggests that Shiba Inu needs to surge 52,365% from its current price to reach the $0.01 target.

If Shiba Inu hits the $0.01 target, a portfolio of 52.5 million SHIB, which costs about $1,000 today, would be worth $525,000.

Market Cap Needed for Shiba Inu to Rise to $0.01

Given Shiba Inu’s massive supply of 589.26 trillion tokens, Shiba Inu requires a market cap of $5.89 trillion to reach the penny target. This valuation is more than double the total cryptocurrency market cap, which currently stands at $2.61 trillion.

At the moment, Shiba Inu is valued at $11.21 billion and ranks as the 13th largest cryptocurrency on CoinMarketCap. Therefore, Shiba Inu’s market cap is expected to increase by 52,365% to reach the projected valuation of $5.89 trillion.

Based on the high demand and supply growth of Shiba Inu, many analysts believe that the $0.01 target will never be reached.

The Only Way Shiba Inu Can Hit $0.01 With a Lower Valuation

Shiba Inu’s large supply poses a significant challenge to SHIB’s dream of reaching the $0.01 target. The current supply of 589.26 trillion SHIB requires Shiba Inu to increase by 52,365% to claim the $0.01 target.

Therefore, Shiba t could reach the $0.01 target at a lower valuation through aggressive burns. This process requires users to send SHIB to the official dead wallet, potentially reducing its supply and boosting its price.

Shiba Inu, which launched with a supply of 1 quadrillion tokens, witnessed the burning of 410,737,173,158,335 (410.73 trillion) SHIB. While this effort is commendable, there is still a need for large-scale fires.

Meanwhile, the team behind the Shiba Inu ecosystem is also committed to increasing burns through Shibarium. Notably, the L2 blockchain is designed to burn SHIB using some of its fees. Since its launch last year, Shibarium has burned over 55 billion SHIB, with more tokens expected to be burned amid a surge in the network’s transaction volume.

As Shiba Inu experiences more large-scale burns, the dog-themed token would need a lower valuation rather than the $5.89 trillion market cap to reach the $0.01 target.

Disclaimer: This content is informative and should not be considered as financial advice. The views expressed in this article may include the personal views of the author.$SHIB

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