Shiba Inu (SHIB), the “dogecoin killer” and the second-largest decentralized meme token by market capitalization, has taken the crypto world by storm with its skyrocketing popularity. Despite its rapid rise, SHIB has struggled to shed its multiple zeros and achieve a significant price surge.
With the anticipation of the next crypto bull market, the question on everyone’s mind is how high SHIB could soar. Supporters of Shiba Inu remain hopeful, drawing inspiration from its extraordinary rally in 2021 when it reached an all-time high of $0.00007489.
This rally is even more astonishing because SHIB went from a mere $0.00000002 in early May 2021 to its peak in late October 2021, marking an eye-popping appreciation of 374,349% or 3,743x in just five months. This meteoric rise effectively shaved off three zeros from its value, turning a $1,000 investment into a staggering $3,743,000.
This impressive performance was a game-changer for SHIB, which gained massive traction in the crypto community within a year of its launch. The historic 410 billion SHIB burn executed by Ethereum creator Vitalik Buterin on May 16, 2021, was a major catalyst for this unprecedented rally.
However, since then, SHIB has struggled to replicate such extraordinary gains, leaving investors eagerly speculating when it may finally reach a milestone of $0.01 per token. As the crypto world eagerly watches the next bull run, the fate of SHIB remains uncertain, but its journey so far has been nothing short of remarkable.
Shiba Inu (SHIB) to $0.01: Unraveling Its Feasibility
The ambitious goal of Shiba Inu (SHIB) reaching $0.01 has captured the imagination of the ShibArmy, but the question remains – is it truly achievable? As of the time of writing, SHIB is trading at $0.00001049, with a circulating supply of 589 trillion tokens and a market capitalization of $6.01 billion.
To hit the $0.01 mark, SHIB’s price would need to soar by 1,000x or 10,000%, resulting in a market capitalization of $6.03 trillion – a staggering feat when compared to the market caps of Bitcoin (BTC) and the overall crypto market.
With BTC boasting a market cap of $530.73 billion and the entire crypto market totaling $1.15 trillion, it becomes clear that SHIB’s market cap skyrocketing to $6.03 trillion is highly unlikely, given its massive circulating supply.
To make this dream a reality, the ShibArmy would need to significantly reduce the hyperinflated supply of the second-largest meme token by burning more SHIB tokens. While there have been efforts to send billions of SHIB to the dead wallet for burning, it may not be enough to achieve the needed token supply reduction and ultimately drive the price to $0.01.
In response, the development team has introduced various projects, including SHIB Metaverse, Shibaswap, and Shibarium, to bring utility to SHIB and expand its ecosystem. However, accurately predicting when SHIB could reach the $0.01 level remains uncertain.
Despite the challenges, it’s important to note that SHIB trading at $0.01 or higher is not impossible, considering the ongoing ecosystem development and growing support for the crypto asset. As the journey to $0.01 continues, the ShibArmy remains optimistic, eagerly anticipating the future of SHIB and its potential to make its epic dream a reality.