Does Shiba Inu Holder Have To Wait 10,000 Years For SHIB To Reach $1?
Shiba Inu (SHIB), the supposed “Dogecoin Killer” cryptocurrency meme, has been gaining popularity since last year. Many investors have bet on SHIB with the expectation of huge profits. However, many wonders when the new Shiba Inu (SHIB) price will hit $1?
2021 is a boom year for Shiba Inu, with a notable increase of over 43,000,000%. This considerable profit makes many investors become billionaires. Since then, the crypto project developed by Ryoshi has attracted much attention from the community.
After that, more and more people jumped into this investment channel, causing the fever to continue to spread. At its peak, SHIB even entered the top 10 cryptocurrency rankings.
SHIB was launched in 2020, the year the token recorded an all-time low of $0.0000000056366. It took a few months for SHIB to reach its current ATH of $0.00008616 in October 2021.
At the time of writing, amid a bear market, the popular meme cryptocurrency is trading at $0.00001175, 85% below its all-time high, according to data from CoinCu.
Despite the incredible profits, SHIB made last year. Investors are still wondering if the price of Shiba Inu will ever hit $1?
For this question, let’s look at the factors that predict the SHIB price. First, Shiba Inu currently has a total supply of 589.6 billion tokens. If SHIB reaches a price of $1 with this supply, SHIB will have a market capitalization of $589.6 billion.
In other words, SHIB will become the most valuable asset on the planet. Even the above capitalization exceeds the capitalization of Apple by about 235 times, the company with the largest market capitalization globally.
As mentioned above, SHIB is currently trading at $0.00001235. This token has a total market cap of $7.3 billion. Based on current capitalization and the expected price of $1, Shiba Inu needs to expand its utility or burn tokens.
According to fool’s theory, Shiba Inu should reduce their current supply by more than 99%. In this sense, the burning of SHIB tokens is being done to reduce the circulating supply of the meme cryptocurrency.
At the time of writing, a total of 35.4 million SHIBs have been burned in the last 24 hours, according to data from shibburn. From this, an approximate figure of 4.59 billion tokens is burned annually.
Based on the number of tokens that need to be burned and the current burning rate. A Shiba Inu investor would have to wait nearly 10.2 thousand years for the meme cryptocurrency to reach its long-awaited price. Of course, the token price increase still has many factors, such as the speed of SHIB burning of goods. However, the value of the SHIB is relatively small, and the cryptocurrency market is generally cyclical.
If investors wait for a breakout year like 2021, this factor will be even more challenging in this bear market. According to experts, the bear market could end as early as next year. The influence of KOLs like Elon Musk does not create a fever like before. Therefore, Holder SHIB, please keep your hands on rowing to wait for miracles to come to SHIB.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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