Shiba Inu (SHIB) fans and investors have long sought higher prices for the meme coin. After its launch in August 2020, SHIB rallied by many million per cent within its first year and hit an all-time high of $0.00008616 in October 2021. However, the asset has faced significant headwinds since its 2021 peak, falling 82.5% from its all-time high.
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Why the Poor Performance?
Shiba Inu’s (SHIB) lacklustre performance could be due to a general bearishness that looms over the cryptocurrency market. Investor sentiment seems low on the meme coin, with few developmental activities.
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SHIB’s massive supply is another reason holding back the asset. Vitalik Burterin’s massive SHIB burn in 2021 was a significant catalyst for the asset’s incredible rally. Buterin received half of SHIB’s supply and burnt 90% of his tokens.
SHIB Predicted to Hit $0.005
According to Changelly, Shiba Inu (SHIB) will hit the $0.005 level sometime between 2033 and 2040, about nine to sixteen years from now.
Telegaon researchers also paint a similar picture for SHIB. The platform anticipates the meme coin hitting the $0.005 level sometime between 2035 and 2040.
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If the project can drastically reduce its supply, SHIB may hit the $0.005 target much sooner than anticipated. Currently, about 589 trillion SHIB tokens are in circulation.
If the price of each token goes very high, the project’s market cap would reach unrealistic numbers. The team reportedly works on a new burn mechanism, rumoured to burn trillions of tokens yearly. The team has not yet revealed when they intend to launch the burn mechanism or how it functions.