Shiba Inu could only clinch the $1 price tag if the community and ecosystem team combined their efforts in this direction.
Despite Shiba Inu’s ongoing long, current bearish trend, market watchers remain confident that Shiba Inu will reach greater heights. As part of the ongoing bullish predictions, crypto exchange CoinW projected last month that Shiba Inu could hit an ambitious $1 price. The exchange predicted that Bitcoin could reach $100,000 and Ethereum $10,000.
While the Bitcoin and Ethereum projections are readily achievable, given how close to the targets both assets are, market commentators have quickly dismissed the Shiba Inu prediction due to its unfeasible nature.
Only Way for Shiba Inu to Hit $1
However, despite how audacious the target appears, The Crypto Basic recently presented an event that could help SHIB reach this level. Notably, the only factor hindering a rally to $1 is Shiba Inu’s enormous circulating supply, which currently sits at 583.4 trillion tokens, per the latest data from Shibburn.
For Shiba Inu to reach $1, over 99% of its circulating supply would need to go. The current Shiba Inu circulating Supply is 589T tokens. With such a supply, reaching $1 would mean having a $589T market cap, which is impossible.
So, if the community and the ecosystem team burn 99.83% of SHIB, such an incineration exercise would leave Shiba Inu with 1 trillion tokens in circulation.
If SHIB has a circulating supply of 1 trillion tokens, a rally to $1 would lead to a market cap of $1 trillion, slightly lower than the valuation of Bitcoin, the world’s largest crypto asset. Notably, while such a market cap is possible for Shiba Inu, the likelihood of it happening is rather slim.
At a circulating supply of 1 trillion tokens, Shiba Inu would have a better chance of reaching the $0.01 target.
Market commentators such as Luis Delgado have expressed confidence in SHIB reaching the $0.01 price. With a supply of 1T coins, Shiba Inu’s market cap would sit at $10 billion, just $2 billion more than the current $8 billion figure.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
