Shiba Inu investors have long held on to the “1 cent” dream. To reach $0.01 from current levels, SHIB would need to rally by a whopping 99900%. Moreover, the market cap for the project would reach an astronomical $5.90 trillion, as there are 589 quadrillion tokens.
These figures seem very unlikely to come to fruition under current circumstances. However, if SHIB were to burn away the majority of its circulating supply, the goal would become a lot more achievable. According to CrowdWisdon, if 90% of SHIB’s supply is burned, the project’s market cap would be around $548 billion at 1 cent. This market cap is a lot more realistic.
If SHIB’s price were to increase at the rate of 25% each year, it would take the project 11 years to reach the “1 cent” target. According to the analysts at CrowdWisdom, Shiba Inu (SHIB) can reach a price of $0.01 by the year 2040. However, this is considering that at least 75% of the supply is destroyed.
What else can push Shiba Inu towards $0.01?
According to the analysts at CrowdWisdom, four factors could play into SHIB’s journey towards “1 cent.” These are “macroeconomic factors, development plans, partnerships and community, and Shiba Inu burn and whale action.”
The macroeconomic factors are beyond the hands of the project developers. However, in terms of development, the Shiba Inu (SHIB) team has made some serious headway in the last few years. SHIB is on the verge of launching its very own blockchain, Shibarium. This is expected to bring more use cases for the token, thereby driving up demand.
Additionally, in terms of partnerships and community, SHIB has one of the most loyal and supportive fan bases in crypto. Furthermore, the team has had multiple partnerships with various companies. For Shiba Inu’s burn mechanism, the team has said that Shibarium will bring in a new mechanism to remove tokens from circulation. There are rumors that the new burn mechanism will remove trillions of tokens from circulation each month.
And lastly, Shiba Inu’s (SHIB) whale action has always been busy, as it is a popular coin among many whales. According to IntoTheBlock, 77% of all SHIB is held by large wallets.