Shiba Inu (SHIB) has a track record of turning several early investors into multi-millionaires and, in some rare cases, even billionaires. However, SHIB’s price has taken a significant beating after reaching its all-time high of $0.00008616 in October 2021. While many think it’s too late to ride the SHIB wave, others believe there is still time to make it big with the popular dog-themed memecoin.
According to Changelly, SHIB won’t reach the $0.0001 level before 2029. The platform predicts SHIB to hit a maximum price of $0.0001069893 in 2029, a rise of over 980% from current levels.
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Telegaon anticipates Shiba Inu (SHIB) to breach the $0.0001 level much sooner. The platform predicts SHIB to hit $0.0001 by 2027, about three years from now. Telegaon expects SHIB to hit a maximum price of $0.000198 in 2027, a rise of over 1900% from current levels.
What will accelerate Shiba Inu’s (SHIB) journey to $0.0001?
The project’s massive supply is one of the most significant barriers to Shiba Inu’s (SHIB) price. There are about 589 trillion SHIB tokens in circulation. If each token hits $0.0001, the project’s market cap will rise to $58,900,000,000 ($58.9 billion), a 10X increase from current levels. While the figure seems attainable, it is still significantly large. Moreover, price targets of $0.01 would be unattainable as the market cap would cross the trillion-dollar mark. Hence, one of the project’s primary goals should be to reduce its supply.
One of the catalysts for Shiba Inu’s (SHIB) 2021 rally was Ethereum co-founder Vitalik Buterin’s massive burn. Buterin received half of SHIB’s supply upon launch and decided to burn 90% of the tokens received. Buterin’s decision significantly reduced SHIB’s supply, leading to a price spike.
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The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. If they can reduce the project’s supply by a few trillion yearly, SHIB may hit a new all-time high sooner than anticipated.