There is no denying Shiba Inu’s (SHIB) success. The dog-themed cryptocurrency took the industry by storm after its launch in August 2020. SHIB’s price skyrocketed during the 2021 bull run. The asset’s price rallied by many million percent and hit an all-time high of $0.00008616 in October 2021. SHIB has struggled to regain the same momentum since its 2021 peak. Despite the lackluster performance, the asset has continued to garner fans and investors.
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What’s Shiba Inu’s Price If Its Market Cap Equals Dogecoin
Dogecoin (DOGE) has a market cap of nearly 26 billion. Let’s assume SHIB’s market cap hits $26 billion and its circulating supply remains the same at 589 trillion. In such a scenario, the price of each SHIB token will hit $0.0000441. SHIB’s price will rally by 236.38% if it hits $0.0000441. While the rally is commendable, it is nowhere close to SHIB’s 2021 rally.
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If Shiba Inu’s (SHIB) circulating supply decreases, the price of each token will go higher than $0.0000441.
Can The Asset’s Supply Decrease?
One of the most significant catalysts for SHIB’s incredible rally in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the tokens he received and donate the rest to charity. His actions led to a substantial dip in supply while demand was high, leading to a massive price spike.
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The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism. The new burn mechanism is rumored to burn trillions of tokens yearly. If successful, the initiative could lead to a considerable rise in the asset’s price. The team has yet to disclose additional details about the burn mechanism. We also do not have a launch date for the burn mechanism.