Shiba Inu is on a downward spiral after its stellar performance last October where it spiked 1,000% in 30-trading days. SHIB reached its all-time high of $0.00008616 during October’s bull run but is now down 86.3% from its ATH. While Shiba Inu managed to delete five ‘zeroes’ in 2021, it’s struggling to delete even a single ‘zero’ this year. The token was on the verge of adding an extra ‘zero’ this month after the market crashed and Bitcoin dipped below $30,000. Questions now arise will SHIB ever achieve the ‘1 Cent Dream’ and reach the goal of $0.01.
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SHIB: Hurdles to Reach $0.01
Going by Shiba Inu’s popularity, the token can be destined to reach the $0.01 mark, but that’s only in terms of popularity. In real-time market conditions, SHIB has a herculean task to reach the ‘1 Cent Dream’.
The barrier for Shiba Inu that’s stopping it from touching $0.01 is its enormous circulating supply. SHIB has around 549 trillion tokens in circulation at present for its price of $0.00001161 and a market cap of $6.3 billion.
The problem lies in these numbers for Shiba Inu as the math behind reaching $0.01 is out of this world. To reach $0.01, SHIB’s market cap has to cross that of Bitcoin’s and reach a market cap of trillions of dollars.
If that were ever to happen, then SHIB’s market cap will be bigger than the world’s leading company Apple. Currently, Apple’s market cap stands at $2.271 trillion. If it is laughable if someone says that SHIB can race ahead of Apple in terms of market capitalization.
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This is Shiba Inu’s Only Path For $0.01
There are only two hopes for Shiba Inu to reach $0.01: One is Shibarium and the second is SHIB: The Metaverse. The SHIB team recently announced that users can ‘rename’ their purchased plots in exchange for a fee. The fee will be paid with SHIB tokens. Those tokens will then be ‘burned’ forever as they will be sent to a dead wallet and removed from circulation. SHIB: The Metaverse might include more use-cases for SHIB tokens after its release.
The other path for SHIB to breach the $0.01 is Shibarium. The layer-2 network can act as a SHIB ‘burning mill’ 24/7 if the team includes an in-built ‘burning mechanism’. Shibarium plans to drastically reduce transaction fees making it seem like a viable option for investors.
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The team could include a small transaction fee in Shibarium that would send SHIB tokens to the ‘burn wallet’. A steady and continuous ‘burns’ in Shibarium can open the pathway for Shiba Inu to reach the $0.01 mark.
At press time, Shiba Inu was trading at $0.00001165 and is down 1.6% in the 24-hours day trade.