Will Shiba Inu ever reach $1? Let's delve into the details:
- As of 05-03-2024:
- Ranked 10th
- Market Cap: $25.34 billion
- Market Dominance: 1.01%
- Circulating Supply: 589.29 trillion
- All-Time High: $0.0000885 (2021-10-28)
Considering the current market cap, each Shiba Inu coin is valued at $0.000043. Reaching $1 would necessitate an astronomical $589.29 trillion market cap, far exceeding the total crypto market's value of $2.52 trillion.
Even if Shiba Inu's supply were reduced to match the current market cap of $25.34 billion, achieving a $1 price tag remains highly impractical.
However, Shiba Inu employs coin burning mechanisms on Shibarium's layer 2. In January 2024 alone, 9.9 billion Shiba coins were burned. To reach $1, a staggering 589.26465 trillion Shiba coins would need to be burned. At the current burning rate, achieving this milestone would take approximately 4,960 years.
In conclusion, the likelihood of Shiba Inu reaching $1 is slim, but holding onto the coin could still prove beneficial due to its aggressive coin burning strategies.
Stay tuned for more updates and share your thoughts! 🚀🔥
