Among the latest developments in the Shiba Inu ecosystem, the Shibarium launch and speculations about its SHIB burn capability seemed to grab more headlines.
While the general crypto community anticipated that Shiba Inu might appreciate following recent developments, the digital asset still appears to be struggling to remain afloat.
Nevertheless, there have been several price projections for SHIB to attain new price highs. However, no particular prediction seems inevitable to play out as SHIB’s ultimate value. A rise to $1 might seem over-ambitious but there is only one means to get there.
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Notably, based on Shiba Inu’s current price of $0.00000739, an increase to a potential $1 price level would imply a spike of about 13.5 million percent.
Meanwhile, despite the positives that seemed to be revolving around Shiba Inu’s ecosystem, SHIB still appeared to be found wanting in valuation. The digital asset’s unimpressive market outlook for the past two years has raised considerable concerns among Shiba Inu enthusiasts.
Most Investors’ Sentiment Seem To Be on the Negative Side
One of the major driving forces of most crypto price ascent has always been the sentiments shared about these crypto projects by investors.
An overall positive sentiment would undoubtedly be a propelling factor for any token that aims at growth. However, this is not the case for Shiba Inu, as several unfavorable happenings seemed to have dented Shiba Inu’s outlook for many investors.
Notably, the collapse of the Futures Exchange (FTX), one of the top centralized exchanges in 2022, corroborates the growing negative sentiments for many crypto projects.
Unrealistic Market Capitalization For A $1 Price Target
Shiba Inu boasts a massive circulating supply of 589,330,640,311,325 tokens and a market capitalization of $4,335,566,383. A $1 potential selling price for SHIB would imply a market capitalization of approximately $590 Trillion. That would be equivalent to:
- 203 Apples, the company valued at $2.9 trillion.
- 23 American economies (U.S. gross domestic product stands at $25.4 trillion in 2022)
- 1.3 Planet Earths, in terms of wealth (at the end of 2022, the total value held by all consumers, governments, and businesses was $463 trillion)
No one needs to be told that it’s impossible for Shiba Inu (SHIB) to reach $1 with its current circulating supply.
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Read Also: Estimated Time Frame For Shiba Inu To Attain $0.01 With Current SHIB Monthly Burn Rate
Here’s How Shiba Inu (SHIB) Could Reach $1
As generally believed, the one major way Shiba Inu (SHIB) could achieve sustainable growth is by burning a big chunk of its tremendous circulating supply to give room for higher prices.
However, Shibburn, the SHIB burn tracker, has recently claimed that burning SHIB tokens has little part to play in its price growth, but mathematically, burning is one of the most potent means.
Based on mathematical calculations, a $4,335,566,383 market capitalization would accommodate 4,335,566,383 SHIB tokens at a $1 selling price.
This implies incinerating relatively 100% of the SHIB circulating supply, which is clearly impossible. But burning a considerable amount of SHIB will write off the impossible $590 trillion market capitalization. Or should we just forget about SHIB reaching $0.1 or $1 in the future?
It’s obvious that the recent burn rates can’t help things as it could take years to reach a notable height in the much-needed SHIB burn campaign.
It is left to see how the Shibarium and other projects would contribute to drastically reducing SHIB circulating supply as the ecosystem advances.
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