Shiba Inu (SHIB) fans and enthusiasts have long pursued the 1-cent price target. SHIB was one of the best-performing cryptocurrencies of the 2021 bull run. However, the asset has struggled to gain momentum over the last few years. While the ambition is commendable, let’s discuss if the 1-cent dream is truly attainable, or is it just words?
Will Shiba Inu Ever Materialize Its 1-Cent Dream?
SHIB’s price has to rally by 937,089.4% to hit the $0.01 (1-cent) target from current price levels. Although the required growth may seem significantly large, it is not something Shiba Inu (SHIB) has not attained in the past. From its launch in August 2020 till it hit an all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent. Hence, a rally of 937,089.4% is not far-fetched.
Although Shiba Inu (SHIB) has rallied by many million percent in the past, there are several factors that led to the milestone. Firstly, Vitalik Buterin burned 410 trillion SHIB tokens after receiving half of the project’s supply after launch. At the time, the demand for SHIB was also quite high. His actions led to a massive price spike by lowering the asset’s supply. Another factor is the overall bullish market environment. The entire crypto market was experiencing mass euphoria, leading to market-wide price rallies.
Shiba Inu (SHIB) currently has about 589 trillion tokens in circulation. If the price of each token hits $0.01, the project’s market cap would hit unrealistic figures. The project needs to drastically reduce its supply if it wants to ever hit the $0.01 mark.
However, just lowering the supply is not enough. Shiba Inu (SHIB) also needs to increase demand for prices to rally. The project needs more utility for users to flock to the SHIB ecosystem. The Shibarium network could help usher in a new generation of SHIB users if it can increase developmental activity.
Also Read: Shiba Inu Team Sends Message of Hope Amid Price Stagnation
Hence, it is possible for Shiba Inu (SHIB) to hit the 1-cent target, but it needs to accomplish several tasks before it can actually materialize its dream.
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