Shiba Inu (SHIB) fans and investors have long hoped for the asset’s price to hit the $1 mark. Shiba Inu (SHIB) had one of the most incredible launches in crypto history. SHIB’s price skyrocketed by many million percent within months of its launch. The popular memecoin climbed to an all-time high of $0.00008616 in October 2021. Fans have since actively pursued for the coin to hit $1. Let’s discuss if hitting $1 is a mathematical impossibility, or just a matter of patience.
Shiba Inu To $1: Is It Really Possible?
Shiba Inu (SHIB) currently has a circulating supply of about 589 trillion. If the price of each SHIB token hits $1, the project’s market cap would reach $589 trillion, which is very unrealistic. Going by the current circulating supply, it is very unlikely that SHIB will ever hit the $1.
However, there is one way Shiba Inu (SHIB) could hit the $1 mark, which is through a massive token burn. SHIB’s 2021 price rally was also fulled by a massive token burn undertaken by Ethereum co-founder Vitalik Buterin. Buterin received half of SHIB’s entire supply upon the project’s launch. Buterin decided to burn 90% of the coins he received, and donated the rest to charity. SHIB’s association with Buterin led to a massive spike in demand, while his burn caused a humongous supply dip. As a result, Shiba Inu (SHIB) saw a massive price spike.
Also Read: Can The US-Iran War Ceasefire Push Shiba Inu To $0.00001?
There is one problem with under taking another Buterin-type token burn. Burning another big chunk of SHIB’s supply would require big holders to come together and make a big sacrifice. This seems very unlikely. Hence, we may not ever see another multi-trillion token burn like we did in 2021.
Going by what we know, it may be a mathematical impossibility for Shiba Inu (SHIB) to ever reach the highly coveted $1 price level.