Could Shiba Inu will ever reach $1?

Virender Rakwal
Virender Rakwal
4 Min Read
  • Shiba Inu is a popular meme coin also known as DogeCoin killer by its supporters.
  • There are currently 549 Trillion SHIB tokens in circulation.
  • Shiba Inu(Dog-themed Cryptocurrency) already have jumped from $0.000000000133(nine zeros at the end of 2020) to $0.000033(four zeros at the end of 2021).
  • About 45% of Shiba Inu’s total supply is burned- meaning burned coins are no longer in circulation.

Shiba Inu already had an incredible run in 2021. The Meme coin jumped over 26,000,000% from the end of 2020 to the end of 2021. At the end of 2020 Shiba Inu price was $0.000000000133 it increases by major jumps to $0.000033 at the end of 2021, Shiba Inu already cut its 5 zeros to reach this level.

This Coin already had an impressive growth record but the question is can Shiba inu get it to $1?

So the answer is due to Shiba Inu having a very large supply of around 549 Trillion tokens in circulation. If those tokens were worth $1 each, SHIB’s market cap will be $549 Trillion, roughly more than 6 times the world’s annual GDP and 200 times bigger than Apple, the World’s most valuable company.

In other words, Shiba Inu reaching $1 would likely require a massive reordering of the world economy. That’s not going to happen.

The only way SHIB can reach $1.

There are only two ways for Shiba Inu’s value to increase near to $1. One is that traders simple bid up the token price. The second is to decrease the total market supply by burning process, which should make the remaining coins more valuable.

But also this process may take too much time for Shiba to reach $1. According to Shibaburn, a website that tracks the burning of SHIB Coins, 410 trillion Shiba Inu Coins have already been burnt. Nearly half of those tokens were sent to the Co-founder of Ethereum, Vitalik Buterin by the anonymous SHIB founder as a gift. These tokens are stored in the Dead wallet which cannot be used in circulation again. Shiba Community continuously burns Shiba Inu Coins to decrease the Total Market supply to increase the value of Token.

According to Shiba Burn, at the time of writing this article around 70 million, Shiba Inu Coins burned in the last 24 hours and continuously burning, but at this rate, it would take more than two weeks to burn 1 billion coins and 40 years to burn 1 trillion Shiba Inu Coins. So it looks impossible for Shiba Inu to burn even 100 trillion Tokens for the next 100 years with this speed and there are 549 Trillion Shiba Inu Coins with a market cap of around $11 billion.

In our conclusion, Shiba Inu can’t able to reach $1 for the next 40 years but it can reach 1 cent or more soon if It increases the speed of the burning process to more and more coins.

Share this Article
Posted by Virender Rakwal
Follow:
Ceo/ Founder at XryptoNation. Senior Web Developer, Blockchain Expert.
Leave a comment