#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 ÷ $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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Can SHIB Reclaim $0.00004 By March End?
Currently trading at about $0.00002507 after a steady phase, Shiba Inu (SHIB) is at a crossroads, facing the big question: Can it reach the sought-after $0.00004 mark by March's end? The digital token recently saw an 11% drop within 24 hours, now setting its sights on the $0.00003 threshold, as reported by CoinGecko.
Historically, SHIB's major leaps have aligned with Bitcoin's (BTC) milestones, particularly when BTC soared towards its $73,000 peak. As Bitcoin often sets the pace for the crypto market, a breakout from BTC could potentially elevate SHIB among other speculative altcoins.
However, with no significant updates or breakthroughs in the pipeline, hoping for a repeat of past windfalls—powered solely by Bitcoin's performance—may not lead to enduring gains. The SHIB community and its developers are focusing on wider adoption and the SHIB Burn Portal to improve its economic model, which could be critical for its journey upwards.
While a spike driven by overall market excitement might temporarily push SHIB over the $0.00004 line, maintaining that position could be a challenge without meaningful project advancements.
Forecasting SHIB's fate by the end of March hinges on market mood. A bullish trend could see it achieving the $0.00004 target, but a bearish wave might leave this goal unmet. Stay tuned as we follow this space for more updates.
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