There are many debates regarding Shiba Inu (SHIB) reaching $1 but here are the 5 factors which makes it highly impossible:
1. Market Challenges
Shiba Inu has over 590 trillion tokens in circulation which means the current market cap needs to exceed $590 trillion which is more than the combined value of all global economics, making this highly impossible.
2. Decreasing Token Supply
To achieve the goal of $1, extreme reduction of supply in market needs to be carried out by burning the tokens. Approximately 99% tokens needed to be burn to get $1 per Shibu with reasonable market cap. Indeed this is a very slow process and heavily dependant on community.
3. Demand Growth
Along with reducing supply, Shiba Inu's demand also needs to be increased. This can be achieved by implementing more practical usage and partnerships. Shib's utiliy lag behind major blockchains.
4. Market Sentiment
You all know that crypto market is widely driven by sentiments. Likewise any other coin, Shib's price is driven by market trends and hype, making it heavily volatile.
5. Realistic Price Outlook
While many believe SHIB could reach $0.01 or $0.001 mark with significant supply reduction and more adoption, the $1 target is very unlikely to happen.
Conclusion: Shiba Inu might experience price increases due to token burning, new use cases, or market trends, but the chances of it reaching $1 are very less. Investors should see SHIB as a high-risk asset and maintain realistic expectations.
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