Shiba Inu is exchanging hands at $0.000007355, representing a long way from the much-coveted coveted $0.1 and $0.01 milestones.
Shiba Inu holders anticipate these price points as it is expected skyrocket investments in the assets to greater values. After all, Shiba Inu has made earlier investors millionaires in dollars, as The Crypto Basic reported.
However, Shiba Inu is encountering significant obstacles in pursuing the one-cent dream. The asset struggles to eliminate more zeros even after numerous project launches by its development team.
Interestingly, one of the most anticipated endeavors, Shibarium, emerged last month. However, Shiba Inu continues to face more price dips, caught up in the prevailing bear market.
The Crypto Basic spotlights some fundamental factors contributing to Shiba Inu’s inability to soar to the $0.1 and $0.01 milestones. Below are some factors that may be fundamentally hindering the community’s one-cent dream in the face of development efforts.
Price and Market Cap
Shiba Inu trades at $0.000007355 with a market cap of over $4.33 billion. To attain the coveted $0.01 mark, Shiba Inu’s cap would need to surpass the staggering threshold of $5.89 trillion. This figure implies the asset must grow by at least 1,359,670%.
It is worth noting that Apple Inc., the world’s largest company by market cap, holds a valuation of $2.81 trillion. Shiba Inu would surpass Apple at a market cap of $5.89 trillion, which is largely unlikely.
While the $5 trillion figure represents a formidable feat, Shiba Inu has already attained an astronomical growth percentage similar to the projected 1,359,670%. As The Crypto Basic reported, Shiba Inu’s earliest investors are in over 12,000,000% profit.
Shiba Inu Circulating Supply
According to Shibburn, a community burn tracking website, Shiba Inu’s circulating supply is 589,340,551,974,224 (over 589 trillion). Given the massive circulating tokens, attaining the $0.1 or $0.01 milestone may remain an elusive dream without concerted efforts to exterminate a larger portion of the coin.
Interestingly, if the Shiba Inu community burns 10 billion SHIB every month for ten years, only 1.2 trillion SHIB would have been eliminated from circulation.
Meanwhile, available data shows the SHIB Army has incinerated 410,659,448,031,369 (over 410 trillion) from the original supply over the past three years. Besides, the Shiba Inu development team has designed Shibarium to facilitate the SHIB burn processes based on on-chain transactions.
Also, it is worth mentioning that a renowned price forecast platform has estimated that it may take Shiba Inu about 30 years to reach $0.01.