With its endearing canine-inspired branding and a history marked by sensational price surges, Shiba Inu [SHIB] continues to capture the attention of traders worldwide. However, amidst the ever-shifting landscape of market dynamics, a pressing question arises. What strategies can SHIB employ to reclaim its former glory and attain the elusive $0.005 milestone?
At press time, Shiba Inu finds itself at a pivotal point, with a trading price of $0.00002336. This is following a 1.58% daily surge. This comes with a 24-hour trading volume of $374.8 million.
The narrative arc of Shiba Inu’s journey from obscurity to stature is a tale characterized by dramatic peaks and valleys. In 2021, SHIB experienced a meteoric ascent, buoyed by a convergence of factors such as elevated demand and bullish market sentiment.
However, as SHIB soared to its historic peak above $0.00008, it encountered a formidable obstacle: its burgeoning circulating supply.
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Confronting the Circulation Supply Conundrum
At the core of Shiba Inu’s challenge lies its expansive circulating supply, which currently totals a notable 589 trillion tokens. While this abundance initially fostered growth, it has now emerged as a barrier to SHIB’s ability to replicate past successes. To reignite its upward trajectory, Shiba Inu must address this fundamental issue head-on.
Enter Shibarium, the network layer-2 scaling solution hailed as the linchpin in unlocking SHIB’s latent potential. Since its start in August, Shibarium has endeavored to tackle the circulating supply dilemma.
This is through token burns fueled by a fraction of its gas fees. While progress has been made, with over 56 billion SHIB tokens incinerated to date, the journey towards significant supply reduction is just beginning.
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Amidst fervent community dialogue and rallying cries for increased adoption, a bold proposition emerges: the annual burn of 100 trillion SHIB tokens. By extrapolating the potential impact of burning 100 trillion SHIB tokens annually, a compelling vision of SHIB’s future begins to crystallize.
Should Shibarium achieve this milestone, projections indicate that by 2030, SHIB’s circulating supply could plummet to 39 trillion tokens. At this moment, a price of $0.005 would propel SHIB’s market capitalization to $195 billion.