Shiba Inu Coin (SHIB) faces obstacles ahead, is it difficult to break through the $0.01 and $1 barriers?
Shiba Inu Coin, the second-largest meme coin, is striving to shake off leading zeros and set some new records. However, the Shiba community is quite confident about its future growth, especially when looking at its past performance.
Back in the bull market of 2020 and 2021, the value of Shiba Inu Coin skyrocketed, increasing by over 8 million times, turning $12 into $1 million! At that time, it had lost several leading zeros and even entered the top ten of crypto assets. Although the competition in the top ten is fierce now, many investors still believe SHIB can rise again.
SHIB price targets vary
Market commentators are quite optimistic about SHIB, believing it can rise again. For instance, analyst Javon Marks thinks SHIB can drop a leading zero and rise to $0.00015. Crypto Sheriff is even bolder, believing it can reach $0.001. There's also Lola from the Shiba Inu community, who says if Bitcoin can reach $1 million, then $0.01 for SHIB is quite reasonable, as that would eliminate all leading zeros.
However, these targets are quite ambitious. There's a more practical one; in August, CoinW Exchange asked everyone whether SHIB could rise to $1 before other assets.
$0.01 and $1, difficult!
Although the prospects for SHIB are good, reaching $0.01 or $1 is somewhat challenging in the current market environment. The main issue is that SHIB has too large a supply, which is a significant problem.
According to Shibburn data, SHIB currently has a circulating supply of 584 trillion tokens. If it rises to $0.01, the market cap would need to be $5.84 trillion, which is larger than the entire crypto market (currently at $3.69 trillion). If it rises to $1, the market cap would be even more staggering, at $584 trillion, which is over 32 times the market cap of gold (which is only $17.9 trillion).
How can SHIB achieve these big targets?
The only way for SHIB to reach $0.01 or $1 is to reduce its circulating supply. It could learn from the strategy of Binance Coin (BNB), or the SHIB team could buy back tokens to decrease circulation, allowing the price to rise.
Although these targets are still controversial, Shiba Inu Coin still has the potential to reach higher in the future.
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