Can Shiba Inu Hit $1 in 365 Days
Currently, Shiba Inu is experiencing a trading price of $0.00000885, marking a significant increase from early May when an additional ‘zero’ was added to its indices. However, throughout the second quarter of 2023, the price has predominantly been moving in a downward direction rather than making significant gains, resulting in losses for investors. As a result, investors are apprehensive about purchasing during price dips, fearing the possibility of another market crash.
The likelihood of Shiba Inu reaching $1 next year is currently deemed highly improbable. To achieve such a value, approximately 99% of the SHIB supply, which amounts to around 600 billion tokens, would need to be burned. The chances of these figures materializing into reality are considered to be even less likely than a comet colliding with the Earth.
Presently, there is no existing burn mechanism capable of transferring trillions of Shiba Inu tokens to a dead wallet. However, a plausible scenario is that SHIB may reduce its token value by eliminating one of the zeros in its price during a future rally. This would result in SHIB trading with four zeros instead of five.
If the cryptocurrency markets recover and enter a bullish phase, a rally could potentially lead to the removal of one or two zeros from SHIB’s price. This would only be feasible if Shibarium, the platform associated with Shiba Inu, continues to burn trillions of tokens annually, thereby reducing the overall availability of SHIB in circulation.
