$Will Shiba Inu go to $1?
First, let's examine its fundamental aspects.
- Date: 05-03-2024
- Rank: No.10
- Market Cap: $25.34B
- Fully Diluted Market Cap: $25.35B
- Market Dominance: 1.01%
- Circulation Supply: 589.29T
- Total Supply: 589.53T
- Max Supply: Not Mentioned
- All Time High: $0.000088450814267 (2021-10-28)
- All Time Low: $0.000000000081646 (2020-09-01)
Here we see $SHIB is max Supply is not mentioned, which is a negative point, but Total Supply: 589.29T and Market Cap: $25.34B.
So, per Shiba price: ($25.34B รท 589.29T) = $0.0000430008993873.
If Shiba were to reach $1, its market cap would need to be $589.29 trillion, which is never possible because we know the total market cap of the crypto market is $2.52 trillion.
On the other hand, if the supply of Shiba is reduced from 589.29 trillion Shiba to $25.35 billion Shiba, equal to the current market cap of Shiba, then Shiba would reach $1, but we know this is never possible ๐
However, 70% of the base transaction fees paid on the Shibarium layer 2 network are used to burn Shiba.
In January 2024, Shiba Inu burned 9.9 billion Shib.
So, if 25.35 billion $SHIB is worth $25.35 billion, then each Shiba is worth $1.
To achieve this, (589.29T - 25.35B) = 589.26465T Shiba should burn.
If Shiba burns 9.9 billion Shiba every month, then (589.26465T รท 9.9B) = 59,521 months are needed to burn 589.26465T Shiba.
Converting this to years, (59,521 months รท 12 months) = 4,960 years are needed to burn 589.26465T Shiba.
So it's impossible to reach $1 ๐ช
But you can hold your Shiba to grow your funds ๐๐ฅ because the Shiba Inu team is burning their coins aggressively.
Thank you, guys ๐
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