Because it is one of the most popular meme coins, Shiba Inu (SHIB) has successfully carved out its own niche. Nevertheless, in the face of volatile markets and intense competition, the issue that is on the minds of many investors is: Will Shiba Inu achieve the desired $0.001 threshold, and are there other investment possibilities that provide more promising returns?
Shiba Inu's Adventure and the Obstacles That Lies Ahead
In 2023, the Shiba Inu has demonstrated a performance that is quite lethargic, despite the fact that it is extremely popular. Despite the fact that the cryptocurrency asset has increased by around 22% since January, it is little when compared to the surges that have been witnessed by stalwarts such as Bitcoin (BTC), which has increased by more than 150% over the same time period. Earlier this year, the much-anticipated debut of SHIB's layer-2 network offered hope; nevertheless, contrary to expectations, it did not have a substantial influence on the price of the token.
This is the elusive target of $0.001 for SHIB.
In comparison to its current values, the price of SHIB would see an exponential increase of around 10,000% if it were to reach a price of $0.001.
Although it is theoretically conceivable to achieve such an aim, there are various obstacles to overcome:
Massive quantity: The massive quantity of around 589 trillion tokens that SHIB has is a barrier to the cryptocurrency's progress toward $0.001. A market cap that is beyond the realm of possibility would be achieved if the price were to reach $0.001.
Burn Mechanism and Supply Reduction: It has been stated that the SHIB team is working on new methods to dramatically limit the supply of the token, which might result in the burning of trillions of tokens per year. Although these efforts are being made, it is possible that the highest price of SHIB will only reach $0.0000169983 in 2024, according to projections made by services like as Changelly. This represents an increase of around 71%.
Prospects for the Long Term: Although it is projected that the value of SHIB will increase during the subsequent bull run, which is forecast to occur around the year 2024, it is possible that hitting the $0.001 level will not be possible until 2032 or later, taking into consideration the existing market dynamics and token supply difficulties.
