Although it seems infeasible, Shiba Inu advocates remain hopeful of a potential positive turnaround that would send the price of SHIB to a whopping price of $0.01.
In the new development, one of the top crypto data aggregators, CoinCodex, has analyzed the possibility of registering the remarkable height in the Shiba Inu ecosystem. CoinCodex made its analysis public via a recently published article.
Per CoinCodex, the probability of Shiba Inu hitting a $1 or $0.50 seems unlikely, considering the prevailing market conditions. However, Shiba Inu could still attain remarkable price highs when judged based on the token’s previous rallies, especially in 2021, when SHIB spiked by 85,784,180%.
After witnessing a significant surge in 2021, Shiba Inu failed to replicate a similar trend in 2022. With 2023 gone by almost half, Shiba Inu may repeat the same poor market trend parallel to 2022.
Meanwhile, while highlighting factors that might be responsible for Shiba Inu (SHIB) unimpressive market performance, Shiba Inu’s massive circulating pool and other broad market peculiarities got implicated.
Deciphering the Shiba Inu (SHIB) Supply Challenge
Unravelling Shiba Inu’s supply predicament, CoinCodex noted that a potential ascent to the $0.01 price level would imply a market cap of $5.5 trillion, considering a supply of 550 trillion tokens.
It is worth noting that the entire crypto market valuation is estimated to be worth $1.19 trillion. Apple and Microsoft are the two most prominent outlets by market cap, valued at $2.984 trillion and $2.507 trillion, respectively.
Shiba Inu (SHIB) To Hit $0.01: Possibilities?
According to CoinCodex in the article, SHIB token burns seem like the only viable solution to revive SHIB’s market value. For context, Shiba Inu’s unprecedented surge in 2021 could be due to the 410 trillion SHIB tokens destroyed by the Ethereum founder, Vitalik Buterin.
CoinCodex maintained that Shiba Inu needs to drastically burn its SHIB supply pool to boost its chances of attaining a $0.01 or a $1 price mark. What makes it more difficult is that a burn rate similar to 2021 appears highly unlikely.
Read Also: Google’s Bard AI Examines Shiba Inu (SHIB) Chances of Reaching $0.01: Details
Shiba Inu (SHIB) Price Projection For 2030
According to SHIB’s data on CoinCodex, Shiba Inu’s price at press time was 0.000007975, reflecting a 6.09% surge in the last 24 hours.
CoinCodex projected a $0.001978 price level for SHIB in 2030, implying a spike of 26,238% from the token’s current worth. Notably, the price prediction has its base in Bitcoin’s (BTC) price movement.
Follow us on Twitter, Facebook, Telegram, and Google News
