Shiba Inu Prediction: Can SHIB Hit $0.01 by 2024?

#meme coin #ShibaInu (SHIB) has had a lackluster year in 2023. While other crypto assets such as Bitcoin (BTC) and Solana (SOL) are up more than 100% since January 2023, SHIB is down about 3%.

Even after the highly anticipated launch of Shibarium, the price of memecoin has not increased much. Although the token has increased slightly in October, it has not yet been able to break the resistance level of $0.000008.

However, many hope that Shiba Inu (SHIB) will accelerate in 2024. Many market analysts predict another cryptocurrency market bull run early next year and SHIB could touch highs new if that happens. However, will memecoin achieve the “1 cent dream”? Let's find out.

Can Shiba Inu reach $0.01 by 2024?

If SHIB reaches a price of $0.01, its market capitalization will skyrocket to approximately $5.89 trillion, as there are 589 trillion SHIB tokens in circulation. This number is unlikely because the market capitalization will be higher than many major economies.

For example, France's GDP (Gross Domestic Product) is about $3.8 trillion. If SHIB reaches 0.01 USD, in some ways the project will be richer than France.

Therefore, in a realistic scenario, SHIB would have to significantly reduce its circulating supply to reach a more achievable market cap while still having a price of $0.01.

The Shiba Inu (SHIB) group has hinted that it is working on a new burning mechanism that is rumored to be able to burn trillions of tokens per year.

If such a recording portal launches, SHIB could see a sudden decrease in supply and, consequently, an increase in its price.However, we don't know when the team plans to launch the new recording mechanism or how it will burn tokens in the first place.

However, the chances of SHIB achieving the "1 cent dream" by 2024 are very slim. This achievement could happen later, but 2024 seems too close for the project to succeed.