Shiba Inu (SHIB) is the second-largest decentralized meme token by market capitalization. Although the crypto asset has succeeded in gaining popularity in the crypto community, SHIB struggles to record a meteoric rally to lessen the zeros in its current price.
In anticipation of the next crypto bull market, it remains uncertain how high SHIB may rise. However, Shiba Inu proponents are hopeful that the meme token would stage a similar price surge as recorded in 2021 when SHIB touched its all-time of $0.00007489.
In particular, SHIB moved from a price of $0.00000002 in early May 2021, to hit this all-time high in late October 2021. This showed that SHIB appreciated by 374,349% or 3,743x within five months only, taking off up to three zeros from its value. Therefore, an investor who bought $1,000 worth of SHIB would have ended up with $3,743,000 in the space of five months.
Notably, this remarkable rally in SHIB price was recorded barely a year after the decentralized meme token was rolled out and this drew massive traction to the project. And it was majorly triggered by the historic massive 410 billion SHIB burn executed by Ethereum creator Vitalik Buterin on May 16, 2021.
Since then, SHIB has failed to rise in such a magnitude leaving investors to wonder when it could touch at least $0.01 per token.
A realistic look at the SHIB to $0.01 dream
SHIB getting to $0.01 would be epic and a dream come true for the ShibArmy but how feasible is this? At the time of writing, SHIB is trading for $0.00001024 with a circulating supply of 589 trillion tokens and a market capitalization of $6.01 billion.
This means SHIB’s price would have to soar by 1,000x or 10,000% to claim the $0.01 level. Accordingly, its market capitalization would increase to $6.03 trillion from the current $6.01 billion which is unlikely when compared to the market cap of Bitcoin (BTC) and that of the overall crypto market.
At press time, the largest cryptocurrency, BTC has a market cap of $530.73 billion with the entire crypto market having a combined market cap of $1.15 trillion. It becomes clear that SHIB’s market capitalization skyrocketing to $6.03 trillion is not logical considering its huge circulating supply.
Thus, ShibArmy would have to reduce the hyperinflated supply of the second-largest meme token to a reasonable volume by burning more SHIB tokens. Interestingly, the teeming community and other supporters including Koyo Token have been sending billions of SHIB to the dead wallet to support the Shiba Inu burn expedition.
However, SHIB burning alone seems to not be enough for the needed token supply reduction and by extension, taking the price to $0.01. This is why the development team has introduced many solid projects including SHIB Metaverse, Shibaswap, and Shibarium to onboard utilities for SHIB.
On the whole, it cannot be accurately predicted when SHIB would claim the $0.01 price level. While this forecast cannot be made, SHIB getting to trade at that level or higher is not impossible, considering the planned ecosystem development and several other adoptions and support for the crypto asset.
