Shiba Inu (SHIB) is struggling to hold to Rs. 0.000056 (or $0.000006), and has been on a downward trajectory for more than a year. Shiba Inu (SHIB) fans have long waited for the asset to hit Rs. 1 ($0.011), but the journey may be longer than what many anticipate. Let’s look at the timeline for SHIB to delete four zeros and hit its target.
When Will Shiba Inu Hit Rs.1?
One of the most significant barriers to Shiba Inu’s (SHIB) price hitting very high levels is its massive supply. The project has about 589 trillion coins in circulation. If the price of each coin hits Rs.1, the projects market cap will climb to Rs. 589 trillion, a very unrealistic figure. The project will need to vastly reduce its supply for the price of each coin to hit the Rs.1 mark.
According to Telegaon analysts, Shiba Inu (SHIB) will hit the Rs.1 ($0.011) mark sometime after 2050, more than 24 years from now.
Changelly analysts are even more bearish on Shiba Inu (SHIB). The platform anticipates the asset to hit a potential maximum price of Rs.0.0033 ($0.0000355) by 2050, which is significantly lower than SHIB’s all-time high of Rs.0.0080 ($0.00008616).
Also Read: Shiba Inu’s Relevance Continues To Fade
While Shiba Inu’s (SHIB) massive supply is a substantial barrier to its price, lead developer Shytoshi Kusama has said that burns alone will not push the asset’s price. SHIB needs massive adoption along with burns for prices to hit high figures. The Shiba Inu (SHIB) team. has made substantial innovations that may help usher in a new wave of users. The team has launched the Shibarium network to bring more utility to the ecosystem. The ShibOS platform aims to help businesses transition to Web3, which may see big use cases in the coming years. Shiba Inu (SHIB) is also reportedly working on a stablecoin, a sector that has seen incredible growth in the last few years. These developments could propel SHIB to the Rs.1 price level sooner than predicted.
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