Shiba Inu (SHIB) holders continue to hope for an exponential increase in the price of SHIB. In particular, most members of the second-largest decentralized meme token community have their eyes glued to the $0.001 price point. But putting into consideration the circulating supply of SHIB and other critical factors, is there any possibility for SHIB to achieve this milestone in the near future?
For starters, Shiba Inu is a meme token, created for fun with no substantial use case for the crypto asset at launch time. However, the project developers have been building use cases for the token via the introduction of various ecosystem projects.
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Likewise, SHIB has been integrated as a payment method in several top businesses, enhancing its adoption and investor interest. But this has not been enough for the crypto asset to stage a rally to a new all-time high.
13,000% Rocket Surge of Shiba Inu (SHIB) Price
For SHIB to hit this price target of $0.001, the crypto asset would have to delete three zeros from its current price of $0.00000760. In other words, SHIB would need to surge by up to 13,000% which is highly unlikely as it would require a significant inflow of funds or a significant amount of token burns.
Notably, Shiba Inu has a circulating supply of 579 trillion tokens. This entails that SHIB’s market capitalization would skyrocket to $579 billion if the asset should hit a price of $0.001 at any time in the future. Again, this makes the $0.001 SHIB price target an ambiguous one.
Can burns boost SHIB’s price?
The core reason for SHIB’s prevailing low value is its hyperinflated token supply. As mentioned, the second-largest decentralized meme token has a circulating supply of roughly 579 trillion tokens with a total supply of 589 trillion tokens. This has been hindering the asset price increase.
The ShibArmy believes that SHIB burns would help in boosting the value of the meme token. This is true because burns would help reduce the amount of SHIB tokens in circulation. Accordingly, the funds or investments needed to push SHIB to the highly coveted $0.001 price point would be reduced compared to the inflow of funds needed currently.
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Interestingly, the teeming Shiba Inu community has burned approximately 410.65 trillion SHIB tokens at the time of writing but this is not enough to catapult Shiba Inu’s price to $0.001. Notably, Ethereum creator Vitalik Buterin did most of the burns, destroying 410 trillion tokens in a single transaction.
To push SHIB’s price further high, more of such hefty burns would be needed. Likewise, more use cases must be built around the token to draw more investors and whales to the meme token.
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