Shiba Inu Unlikely To Hit $1

Vinod Dsouza
shiba inu dollar 1 currency shib bill note usd
Source: Watcher Guru

If Shiba Inu reaches $0.01 and $1 thereafter, millions of investors could turn into millionaires and billionaires overnight. However, the situation is further from the truth as SHIB is simply not moving up in price. Shiba Inu is currently trading around the $0.000009012 mark attracting little to no bullish sentiments in the indices. SHIB has been firmly under the bearish grips for over a year making the token relentlessly nosedive in the charts.

Also Read: Shiba Inu: You Could Have Made $1 Billion With Just $6.2k in SHIB

The dog-themed cryptocurrency is struggling to delete its fifth ‘zero’ in eight months testing the patience of its loyal investors. A handful of investors are dreaming of Shiba Inu reaching $0.01 and then running towards the $1 milestone. The situation is grim as dreams might turn to the reality of SHIB hitting the $1 mark.

Shiba Inu: SHIB Unlikely To Reach The $1 Milestone

shiba inu
Source: Marcorama

Going by the snail’s pace of Shibarium burns, Shiba Inu might most probably not hit the $1 mark anytime soon. Third-party apps are burning millions of SHIB tokens per day, but that does not account for much as the circulating supply stands at 549 trillion.

Also Read: Shiba Inu: AI Predicts SHIB Price For February 2024

Shibarium layer-2 network was touted to be the kingmaker that can burn trillions of SHIB tokens. However, after its release, Shibarium has yet to initiate a large-scale burn process and send tokens to the dead wallet.

If no project or development begins to burn trillions of tokens, then Shiba Inu hitting $1 remains unlikely. A bull market can only take SHIB this far but not as far as reaching $0.01 or $. If it has to reach $1, it needs to shed 99% of its circulating supply and remain completely scarce. The chances of that happening currently remain zero to nil.

Also Read: When Will SHIB Reclaim its All-time High of $0.000086?

In conclusion, considering all these slow developments, Shiba Inu reaching $1 most likely will never happen. The dream of turning a millionaire or billionaire might only be a dream and not a reality. It’s time to wake up now and focus on something else that can get you there.