Shiba Inu: When Will SHIB Reach $1?

Paigambar Mohan Raj
shiba inu shib price gain up
Source: Watcher Guru

Shiba Inu (SHIB) has had a lackluster year in 2023. Despite a significant layer-2 network launch, SHIB’s price did not gain much momentum. Since January of this year, SHIB has only risen by about 8%. On the other hand, Bitcoin (BTC) has rallied by over 100%, and Solana (SOL) has surged by over 400%. Nonetheless, fans and investors hope that Shiba Inu will one day reach the $1 mark. However, the journey to $1 is not as easy as it seems.

Also Read: Shiba Inu (SHIB) Could Rally 2X in December: Predicts Analyst

For Shiba Inu to reach a price of $1, it would mean a growth of about 11,350,637% (11.3 million percent) from current levels. Moreover, if SHIB hits $1, its market cap would be $589 trillion, as the project has 589 trillion tokens. The figure is unrealistically large, more than the economies of several countries.

Source: Coin Codex

Although SHIB has previously grown by many million percentage points, the previous spike preceded a massive burn undertaken by Ethereum (ETH) co-founder Vitalik Buterin. Buterin received half of SHIB’s supply when it launched and decided to burn 90% of the amount he received. The significant reduction of SHIB’s supply helped the token rally by many million percent.

When can Shiba Inu (SHIB) hit $1?

Shiba Inu
Source – ZyCrypto

To reach $1, SHIB would need to reduce its circulating supply. The team is currently working on a new burn mechanism, rumored to remove trillions of tokens from circulation every year. Such a burn portal could help SHIB remove the necessary zeros from its price.

Also Read: Shiba Inu: $1000 in 2020, Is Worth $7.5 Million in November 2023

According to Telegaon, SHIB could hit a price of $1 sometime in 2050, almost twenty-six years away. Such a long wait could test investors’ patience, who might not want to hold that long.

Source: Telegaon