Shiba Inu (SHIB) has achieved tremendous success over the past four years. Since its launch in August 2020, the dog-themed cryptocurrency's price has skyrocketed by millions of percentage points. Early investors made millions of dollars in profits with minimal investment. Despite the asset's staggering growth, its price has remained stagnant over the past few years. SHIB has seen some gains in the past few weeks, but they are negligible compared to the spikes of 2021.
Many believe that the SHIB ship has sailed, while others think there is still plenty of room for growth. SHIB enthusiasts and investors hope the asset can sell for higher. Many people's goal is to drop a few zeros after the decimal point.
Let's discuss three ways SHIB can reach its target of $0.001.
How Shiba Inu can earn $0.001 in three ways
1. Large-scale SHIB token burning
One of the most important catalysts for SHIB's outstanding performance in 2021 was the token burn by Vitalik Buterin. The Ethereum co-founder received half of the supply when SHIB launched. Buterin decided to burn 90% of the tokens and donate the rest to charity. His actions led to a significant decrease in supply, resulting in a price surge.
Reports suggest that the Shiba Inu team is working on a new burn mechanism. It is rumored that the new mechanism will burn trillions of tokens each year. If the team can significantly reduce the asset's supply, we may see another rebound like in 2021.
2. More adoption
SHIB's chief developer Shytoshi Kusama stated that simply burning tokens will not drive up asset prices. A decrease in supply must be accompanied by an increase in adoption rates to drive prices up.
If more people start using SHIB, its price will be positively impacted. The number of SHIB users has been steadily increasing over the past few years. This trend needs to continue for the asset to reach $0.001.
3. More utility
One factor behind the surge in SHIB's adoption rate is its utility. The project launched the Shibarium blockchain network last year, bringing more utility to the project. Since its launch, the network has experienced incredible growth, but more projects are needed for it to take off.
If more projects start building on Shibarium, we may see SHIB's price increase.
Shiba Inu (SHIB) has achieved tremendous success over the past four years. Since its launch in August 2020, the dog-themed cryptocurrency's price has skyrocketed by millions of percentage points. Early investors made millions of dollars in profits with minimal investment. Despite the asset's staggering growth, its price has remained stagnant over the past few years. SHIB has seen some gains in the past few weeks, but they are negligible compared to the spikes of 2021.
Many believe that the SHIB ship has sailed, while others think there is still plenty of room for growth. SHIB enthusiasts and investors hope the asset can sell for higher. Many people's goal is to drop a few zeros after the decimal point.
Let's discuss three ways SHIB can reach its target of $0.001.
How Shiba Inu can earn $0.001 in three ways
1. Large-scale SHIB token burning
One of the most important catalysts for SHIB's outstanding performance in 2021 was the token burn by Vitalik Buterin. The Ethereum co-founder received half of the supply when SHIB launched. Buterin decided to burn 90% of the tokens and donate the rest to charity. His actions led to a significant decrease in supply, resulting in a price surge.
Reports suggest that the Shiba Inu team is working on a new burn mechanism. It is rumored that the new mechanism will burn trillions of tokens each year. If the team can significantly reduce the asset's supply, we may see another rebound like in 2021.
2. More adoption
SHIB's chief developer Shytoshi Kusama stated that simply burning tokens will not drive up asset prices. A decrease in supply must be accompanied by an increase in adoption rates to drive prices up.
If more people start using SHIB, its price will be positively impacted. The number of SHIB users has been steadily increasing over the past few years. This trend needs to continue for the asset to reach $0.001.
3. More utility
One factor behind the surge in SHIB's adoption rate is its utility. The project launched the Shibarium blockchain network last year, bringing more utility to the project. Since its launch, the network has experienced incredible growth, but more projects are needed for it to take off.
If more projects start building on Shibarium, we may see SHIB's price increase.
