The cryptocurrency sector is full of rags-to-riches stories. One popular example is that of early Shiba Inu (SHIB) investors. People who put their money into the dogcoin in 2020 have reaped millions of dollars in profit. SHIB’s price has taken a significant toll in the almost two years since its all-time high, but that has not stopped fans and investors from pursuing higher prices.
If you purchase $1000 worth of SHIB today, you will receive about 45,977,011.4943 (45.9 million) tokens. For 45.9 million SHIB to be worth $1 million, the cost of each coin has to reach $0.02175.
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For Shiba Inu (SHIB) to hit $0.02175, its price has to rally by 99,900%.
Can Shiba Inu (SHIB) reach $0.02175?
There are around 589 trillion SHIB tokens in circulation right now. If the price of each SHIB token reaches $0.02175, the project’s market cap will become unrealistically large. SHIB needs to drastically reduce its circulating supply if it has to reach higher prices.
One catalyst for SHIB’s 2021 rally was Vitalik Buterin’s massive burn. The Ethereum co-founder received half of the project’s supply upon its debut. Buterin decided to burn 90% of the coins he received. His move led to a sudden jump in SHIB’s price.
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According to Changelly data Shiba Inu (SHIB) may breach the $0.02 level in 2040, about 16 years from today. The platform predicts SHIB to hit a maximum price of $0.02359764 for the year.
Telegaon is more bullish on SHIB. The analysis firm predicts the asset to hit $0.02 between 2035 and 2040.
Now, Shiba Inu (SHIB) could hit $0.02 sooner than anticipated, but a significant amount of its supply has to be destroyed before it can do so.