Here’s the Only Way Shiba Inu (SHIB) Could Reach $1

Shiba Inu could reach the audacious $1 target without expanding its market cap if the initiative detailed in this article comes to fruition. 

Shiba Inu’s community and team members have remained optimistic about SHIB’s prospects. This optimism has sparked some audacious predictions, with a handful of the community projecting that SHIB could hit a target of $1 someday. 

Shiba Inu to $1 Forecasts 

While several crypto investors believe Shiba Inu would never reach the $1 target, others, particularly most SHIB enthusiasts, think it is possible. 

In a recent analysis, popular Bitcoin bull Davinci Jeremie asserts that Shiba Inu would need a market cap of around $600 trillion for its price to rise to $1. 

This $600 trillion valuation surpasses the current market cap of top financial instruments like gold by a considerable margin. At press time, gold has an estimated market cap of $22.41 trillion. The projected $600 trillion market cap is roughly 2,577% higher than gold’s market cap of $22.41 trillion.

Despite the pessimism surrounding SHIB’s potential surge to the $1 target, Lucie, the marketing lead of the Shiba Inu ecosystem, recently shared ChatGPT’s opinion on the debate. The AI service stressed that reaching the $1 target is not impossible for SHIB. 

However, it notes that achieving the milestone requires a perfect storm, driven by a major bull run, massive adoption, and consistent burns. 

For context, SHIB is currently trading at $0.00001319 per token, with its market cap standing at $7.77 billion. This implies that SHIB must rise by 7,581,401% to clinch the highly ambitious $1 target. 

One Way for SHIB’s Surge to $1 without $600T Cap

Meanwhile, proponents believe SHIB reaching the $1 target without its market cap growing exponentially is only possible if almost all of its supply is burned. Shiba Inu currently has a total supply of 589.5 trillion tokens. 

For Shiba Inu to clinch the $1 target without a heavy valuation, about 99.9987% of its supply must be burned. If this happens, Shiba Inu would be left with a supply of 7.77 billion tokens. 

At a target price of $1 per token, SHIB would maintain its current market cap of $7.77 billion, assuming 99.9987% of its supply is burned. 

Timeline for Burning 99.9987% of Shiba Inu Supply 

While it is technically possible for SHIB to reach the $1 target with such a hefty supply reduction, given the asset’s monthly burn rate, it could take thousands of years for Shiba Inu to have its supply reduced by 99.9987% to 7.77 billion. 

Data from Shibburn indicates that the broader Shiba Inu community burned 15.64 billion SHIB last month. If the asset continues to record a monthly burn of 15.64 billion, it would translate to an annualized figure of 187.68 billion. 

Therefore, Shiba Inu would take approximately 3,141 years to burn 99.9987% of its total supply, potentially leaving 7.77 billion tokens in circulation. 

The whole essence of burning 99.9987% of SHIB is to artificially inflate the perceived value of the remaining tokens to a target of $1 without expanding the asset’s market cap. While it is technically possible for SHIB to reach the $1 target through burns, Shiba Inu’s current burn rate makes it highly unlikely for the asset to achieve this feat.