Can Shiba Inu Hit the $1 Price Mark in the Future?

Shiba Inu (SHIB) remains the second most popular meme coin after Dogecoin (DOGE), and whether it can hit $1 remains unanswered.

Shiba Inu came into the limelight during the COVID-19 pandemic and has risen through the ranks after soaring as high as 12,596,217% from its lowest price point of $0.00000000008165.

Shiba Inu has made unprecedented advances since its inception, but the large supply of 589,317,789,321,770 SHIB has posed a crucial bottleneck to any potential strides to grow. Thus far this year, Shiba Inu has underperformed in relative terms, growing by just 22.61% in the Year-to-Date (YTD) period.

Shiba Inu to $1: Ambitious Target or Wishful Thinking?

At the time of writing, Shiba Inu’s price and market capitalization has dropped by 0.75% to $0.00001034 and $6,093,133,839, respectively. The trading volume also shows a dampened sentiment, down by 16.88% to $175,439,494. 

At this price level, for Shiba Inu to grow to $1, it has to jump as high as 9,671,079.88%. While this is an outstanding and almost unrealistic target, the fact that SHIB has pulled a growth rate that surpassed this figure in the past implies this feat is achievable.

However, the emergence of new meme coins has posed a significant threat to SHIB’s ambitions. The meme coin ecosystem is very dynamic, and new investors typically prefer new entrants with a higher chance of growth than established ones. This sentiment accounts for why newer rivals like PEPE and BONK are outperforming SHIB in terms of price gains.

While its innovations and transformative spirit can help combat the impact of rivals, the supply constraints are what cannot be solved drastically. At the current supply cap, hitting a $1 price target will give SHIB a market capitalization of $589 trillion, a figure that is unrealistic considering the entire global financial market is worth just about $112 trillion.

Approach to Shrinking SHIB Supply

Knowing that the current supply cannot help achieve the ultimate move to $1, the team behind the Shiba Inu protocol is devising a solid plan to reduce this supply considerably through burning. 

On many occasions, lead developer Shytoshi Kusama has hinted at an incoming mega burn on Shibarium. Ultimately, the growing transaction count and adoption rate can help fast-track the race to burn the excess SHIB supply. If properly implemented, the projection that SHIB might hit $1 within the next couple of decades might come to pass.