Shiba Inu (SHIB) has one of the most dedicated and loyal communities within the cryptocurrency sector. The dog-themed crypto has come a long way since its debut in August 2020. The asset’s price has rallied by many million percent and has since climbed to the 12th spot in terms of market cap.
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SHIB reached its all-time high of $0.00008616 in October 2021. The asset’s price has since fallen by over 70%. However, SHIB fans and investors continue to pursue higher prices. One target for many SHIB fans is $0.001. Let’s look at how the popular dog-themed crypto can hit this price point.
How can Shiba Inu (SHIB) hit $0.001?
One of the most significant barriers to SHIB’s price is its massive supply. There are around about 589 trillion SHIB tokens in circulation right now. If the cost of each coin hits $0.001, the project’s market cap will reach unrealistically large numbers. Therefore, the SHIB team needs to reduce the token’s supply before aiming for higher prices. There is word that the team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can drastically reduce SHIB’s supply, the asset has a higher chance of a price spike.
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The second thing that could take Shiba Inu (SHIB) to $0.001 is more development on Shibarium, the project’s layer-2 network. If more applications are built on Shibarium, it will lead to more demand for SHIB and consequently lead to a price rally.
The third development that will take Shiba Inu (SHIB) to $0.001 is an overall positive market environment. SHIB hit its all-time high in 2021 when the crypto market was going through its most bullish phase. Most of the top assets hit all-time highs in 2021. A similar situation will drastically help SHIB achieve its price targets.