#Will Shiba Inu ever reach $1? Let's delve into its fundamental aspects:
- As of 03/05/2024:
- Ranked No. 10
- Market capitalization: $25.34 billion
- Fully diluted market capitalization: $25.35 billion
- Market dominance: 1.01%
- Circulating supply: 589.29 trillion
- Total supply: 589.53 trillion
- All-time high: $0.000088450814267 (2021-10-28)
- All-time low: $0.000000000081646 (09/01/2020)
Calculating the price per Shiba: ($25.34B Ă· $589.29T) = $0.0000430008993873.
For Shiba to reach $1, its market cap would have to soar to $589.29 trillion, which is unrealistic considering the total market cap of the crypto market is $2.52 trillion.
Alternatively, if Shiba's supply were drastically reduced from 589.29 trillion to $25.35 billion, matching its current market cap, then reaching $1 would be conceivable. However, this scenario is highly improbable.
Nevertheless, it's worth noting that 70% of Shiba's supply base transaction fees on the Shibarium layer 2 network are used to burn Shiba. As of January 2024, Shiba Inu has burned 9.9 billion Shiba.
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