Shiba Inu (SHIB) Can Reach $1 If This Happens

Paigambar Mohan Raj
Source: Watcher Guru

Shiba Inu (SHIB) fans and investors have long awaited the asset to delete a few zeros from its price and breach the $1 mark. However, the popular memecoin has been on a downward trajectory after reaching its all-time high of $0.00008616 in October 2021. SHIB is currently down by over 89% from its 2021 highs.

Also Read: Shiba Inu or XRP: Which Asset Can Deliver Good Profits in 2024?

Despite the lackluster performance in 2022 and 2023, SHIB fans continue to support the asset. The loyal community is one of SHIB’s greatest strengths. A robust community is a positive sign for a project’s future growth.

How can Shiba Inu (SHIB) reach $1?

Shiba Inu

SHIB’s massive supply is one of the most significant barriers to its price reaching $1. The project currently has a circulating supply of around 589 trillion. If the asset reaches $1, the project’s market cap will hit $589 trillion, a very unrealistic figure. For context, Apple and Microsoft, two of the biggest companies in the world, have a shared market cap of around $5.7 trillion. If SHIB reaches $1 with its current supply, it will be 100 times bigger than Apple and Microsoft combined.

Therefore, Shiba Inu’s (SHIB) supply has to significantly reduce for its price to hit the $1 mark. The project has to burn 99.999% of its supply for SHIB’s price to reach $1.

Also Read: Shiba Inu: Here is When SHIB Can Rally 100% From Current Price

The Shiba Inu (SHIB) team revealed that the Shibarium network will automate burns from January 2024. Moreover, the team is working on a new burn mechanism, rumored to incinerate trillions of tokens yearly. However, even if the new burn mechanism destroys 1 trillion tokens monthly, it would take the project a long time to remove 99.999% of its supply. SHIB has to undertake a burn similar to Vitalik Buterin’s 2021 SHIB burn. Buterin received half of SHIB’s supply when the token launched in 2020. However, Buterin decided to burn 90% of the tokens he received. Buterin’s decision significantly helped SHIB’s 2021 epic rally.