Shiba Inu (SHIB) is one of the most popular crypto assets in the market. However, the token’s price has struggled for most of 2023. Since January of this year, the asset has risen by only about 22%, while other cryptocurrencies, such as Bitcoin (BTC), have surged by over 150%. Moreover, SHIB had a significant layer-2 network launch earlier this year. However, the launch did not push the token’s price as far as many expected.
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Despite its lackluster performance in 2023, many fans believe SHIB will surge in the next bull run, expected in 2024.
Will Shiba Inu (SHIB) reach $0.001 in the next bull run?
If SHIB reaches a price of $0.001, it would mean a growth of about 10,000% from current levels. Even a small investment would reap high returns if the project hits the target. However, reaching $0.001 is no easy task.
According to Changelly, Shiba Inu (SHIB) might reach a maximum price of $0.0000169983 in 2024. The increase in price means a growth of about 71% from current levels. The platform does not anticipate SHIB to breach the $0.001 mark anytime before 2032.
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The most significant barrier in Shiba Inu’s (SHIB) path to $0.001 is its massive supply. The project currently has a supply of about 589 trillion. If the token hits $0.001, the market would become unrealistically large. However, the SHIB team has revealed that they are working on a new burn mechanism that could significantly reduce Shiba Inu’s (SHIB) supply. Moreover, the team has recently hard-forked the Shibarium network to enhance burns. Some have said the new burn mechanism could remove trillions of tokens yearly. If the project can remove trillions of tokens yearly, we may reach the $0.001 target much sooner. However, it is unlikely to happen in 2024, when the next bull run is among us.