Google Bard Shares Realistic Insights To Shiba Inu Hitting $0.01

Several reports have projected a possible Shiba Inu rally to $0.01, but Google Bard recently shared realistic insights into this ambitious price target.

Shiba Inu (SHIB) has a history of meteoric rallies, with its unprecedented ROI. Given its history, some reports now project a similar rally to $0.01. However, Google’s Bard AI shares insights into how realistic these price targets are.

To shed light on the inquiry, “How likely is it for Shiba Inu to hit $0.01 considering market dynamics and its tokenomics,” Bard, known for its advanced insights, offered its perspective.

Bard suggests that the possibility of Shiba Inu hitting $0.01 cannot be entirely dismissed. However, it says it is unlikely as the road to such a valuation is strewn with challenges. To understand the factors at play, it is crucial to look into the intricacies of the market.

Factors to Consider

One key factor to consider is the overall cryptocurrency market cap and Shiba Inu’s market cap. 

For Shiba Inu to achieve a price of $0.01, the overall valuation of the crypto market needs to expand substantially to accommodate such an increase. The global crypto market cap currently stands at $1.17 trillion.

Another critical factor is Shiba Inu’s supply. Currently, SHIB’s circulating supply stands at a staggering 589 trillion. The sheer magnitude of tokens in circulation poses a challenge to achieving a higher valuation. 

With the current circulating supply, SHIB’s market cap would hit $5.89 trillion if it reached $0.01 per token. This is more than the combined market cap of the two largest companies, Apple and Microsoft. There just isn’t enough money to accommodate this valuation.

As a result, decreasing SHIB’s supply through burns is essential. However, whether a significant reduction can be achieved in practice remains uncertain. Shytoshi Kusama, the Shiba Inu project lead, previously noted that burns alone cannot trigger a price surge for SHIB due to the current burn rate.

Consequently, the adoption of Shiba Inu by businesses and consumers plays a vital role. The greater the acceptance and utilization of Shiba Inu as a medium of exchange or a store of value, the more potential there is for its price to appreciate, as this leads to exposure and more demand.

However, widespread adoption in the highly competitive and evolving cryptocurrency landscape is no small feat. 

It requires building trust and demonstrating real-world use cases for the token. To this end, the Shiba Inu development team is working on projects such as Shibarium and SHIB: The Metaverse.

Shiba Inu to $0.01? A Realistic Conclusion 

While Shiba Inu has seen its fair share of hype, it is essential to acknowledge that the initial fervor has somewhat subsided. The market has witnessed the emergence of various other assets. SHIB needs to evolve with new utilities and projects to retain its relevance.

Even with this, a price of $0.01 seems out of reach. At Shiba Inu’s current value of $0.00000755, the asset would need to rise by 132,350% to hit $0.01. 

Despite the inherent challenges, it is worth noting that the cryptocurrency market remains highly unpredictable. Unforeseen events, such as a major corporation embracing Shiba Inu as a form of payment, could dramatically alter the token’s trajectory. 

This unpredictability adds an element of excitement and opportunity to the cryptocurrency market, where seemingly improbable outcomes have been witnessed before.