Shiba Inu to Rise 1 Million Percent From Today? See What ‘Experts’ Say

Paigambar Mohan Raj
shiba inu rock bottom tired
Source: Unsplash

Several analysts have predicted the price action for Shiba Inu (SHIB) in the future. Some of the forecasts have been bullish, while others have been bearish. However, most have tried to be as realistic and rational as possible. However, that does not mean that there aren’t some with an outlandish outlook for SHIB. One source asserted that SHIB could hit $10 by 2024. Although the report claimed to have expert opinions, they do not share the data with readers.

If Shiba Inu (SHIB) does manage to hit $10, it would mean a rally of more than 101 million percent. Analytically this spike magnitude is theoretically unachievable given the state of the market and the supply of SHIBs. However, fans continue to hope that SHIB will one day make an impossible rise and turn them into millionaires.

Why can Shiba Inu not rise by a million percent?

Shiba Inu’s (SHIB) desire to see a reduction of two zeros in its price has been thwarted by the token’s abundance. The circulation supply is still considerably above 574 trillion despite the persistence of burns.

The asset’s run in 2021 received a major lift when Shiba Inu’s (SHIB) supply dropped by up to 41%. The assets increased by 264,000% in just five months in the same year. This came about as a result of Vitalik Buterin, the co-founder of Ethereum, burning 410 trillion SHIB in May 2021.

Shiba Inu’s circulating supply would need to fall to a value of about 1 billion tokens, or a 99.9% decrease from the current supply, in order for it to climb by 101,358,099% to $10. This target is not a realistic one as it would mean that many SHIB holders would have to sacrifice their holdings for the cause, which seems unlikely. Even if 1 billion SHIB tokens are burned every day, it would take around 1500 years to bring the supply down by 99.9%.

However, there are some realistic targets that the popular canine-themed crypto can achieve. For example, a price target of $0.0001 to $0.001 is more achievable for the popular project. With Shibarium getting closer to launch, burns are anticipated to increase by a large number. This, along with more use cases for SHIB, could potentially push the price to new heights. At press time, SHIB was trading at $0.00000886, up by 2.7% in the last 24 hours.