Shiba Inu (SHIB) has had a rough few years. The asset’s price rallied by many million percent from its launch in August 2020 till it hit an all-time high of $0.00008616 in October 2021. SHIB’s incredible performance turned several early investors into multi-millionaires. While the dog-themed cryptocurrency has struggled to regain its 2021 momentum, fans and investors continue to push for higher prices. Let’s look at what has to happen for SHIB to finally achieve the “one-cent dream.”
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Top 3 Things That Need To Happen For Shiba Inu To Hit $0.01
1. SHIB Burns:
One of the most substantial catalysts for SHIB’s incredible 2021 rally was Vitalik Buterin’s token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the tokens he received. His actions led to a massive price rally.
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There are about 589 trillion SHIB tokens in circulation right now. If the price of each token hits $0.01, the project’s market cap will reach $5.89 trillion. This is a very unrealistic figure. The project has to vastly reduce its circulating supply to achieve the “one-cent dream.”
2. More Utility:
Utility could lead to a surge in popularity and price. Many memecoins struggle to find more utility in daily life.
Despite its popularity, Shiba Inu (SHIB) still has a long way to go in terms of utility. The team reached a milestone with the launch of the Shibarium network. If more applications are built on the Shibarium network, the token may experience a surge in prices.
3. Mass Adoption:
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Adoption is another factor that could lead to a surge in prices. Shiba Inu (SHIB) lead developer Shytoshi Kusama also said that burns alone will not push the asset’s price. There has to be substantial demand for SHIB’s price to rally.
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