Shiba Inu (SHIB) fans and investors have long pursued the $0.01 price point. The SHIB community often calls this the “one-cent dream.” While SHIB has had an incredible journey over the last four years, the asset has struggled to gain momentum amid a market-wide lackluster performance. SHIB fans and community members continue to push the asset’s popularity and demand.
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How Can Shiba Inu Fulfil The 1 Cent Dream?
One of the most significant barriers to SHIB’s price is its massive circulating supply. There are about 589 trillion SHIB tokens in circulation. If the asset hits the $0.01 price level with its current supply, the project’s market cap will rise to $5.89 trillion. This figure is highly unrealistic as it is larger than major tech companies such as Apple, Microsoft, Nvidia, etc.
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The only realistic way for SHIB to hit the 1 cent price point is for the project to somehow reduce its circulating supply. One of the biggest catalysts for SHIB’s incredible 2021 rally was Vitalik Buterin’s massive 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 supply dip while demand was still high. Low supply and high demand cause a substantial price rally. Since its launch in August 2020 till it hit an all-time high in October 2021, SHIB’s price went up by many million percent.
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The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism. According to reports, the new mechanism could potentially burn trillions of tokens yearly. Such a burn mechanism could push SHIB towards the one-cent dream fairly quickly. The team has yet to announce an official launch date for the burn mechanism. The team has also not clarified how it intends to burn more tokens.
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