If you purchase 1 million Shiba Inu (SHIB) coins today, it will cost you around $11.47. For 1 million SHIB tokens to be worth $100,000, the price of each coin has to reach $0.10. SHIB fans, collectively called the SHIB Army, and investors have long pursued the 1-cent price. Hitting the 10-cent mark will go way beyond their target. While the efforts are commendable, hitting the $0.1 mark is no easy task. Let’s discuss if it is feasible.
Is Hitting $0.1 Possible for Shiba Inu?
With its current supply of nearly 589 trillion, it is unrealistic for SHIB to hit $0.1. The project’s market cap will reach $58.9 trillion if the price of each coin hits $0.1. This figure is highly unlikely. SHIB’s market cap would not only dwarf tech giants like Apple, Microsoft, etc., but also outgrow the GDP of all nations worldwide. This scenario will likely never happen.
The way for Shiba Inu (SHIB) to hit the $0.10 mark is for it to greatly reduce its circulating supply. One of the most significant catalysts for SHIB’s incredible 2021 rally was Vitalik Buterin’s massive token burn. Buterin received half of SHIB’s entire supply upon launch. Buterin decided to burn 90% of the tokens he received. While many hope for another similar burn to take place in the future, it is unlikely to have to same impact. Burning another 410 trillion SHIB tokens is a near-impossible task.
Also Read: Can Shiba Inu’s Shibarium Burn 1 Trillion Tokens?
According to Shiba Inu lead developer Shytoshi Kusama, burns alone will not propel SHIB’s price. Kusama says only an increase in demand and adoption will take SHIB’s price to new heights. Even with a spike in demand, it is unlikely that the asset will ever hit the $0.1 price point. At least, not with its current supply.
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