Shiba Inu (SHIB) has garnered attention from a demographic of young investors interested in cryptocurrency. This project has seen early backers achieve significant financial gains, with some becoming multi-millionaires or even billionaires. Despite SHIB experiencing a decline since reaching its peak value of $0.00008616 in October 2021, supporters and investors remain optimistic about its potential for future growth.
SHIB fans and investors have long pursued the $0.001 target. Many are hopeful they can settle down for life if SHIB achieves this feat. You will need 1000000000 SHIB (1 billion tokens) to have one million dollars worth of SHIB at $0.001 per coin. The price of 1 billion SHIB right now is about $23972.
Also read: Chainlink May Price Prediction: Can LINK Hit $15?
When will Shiba Inu (SHIB) reach $0.001?
While there is a lot to gain from SHIB reaching its $0.001 target, the journey there is not so easy. According to Telegaon, SHIB could hit the $0.001 level sometime between 2035 and 2040, about 11 to 16 years from now. Changelly also paints a similar picture for the dog-themed crypto. The platform anticipates SHIB to hit $0.001 sometime in 2033.
Shiba Inu’s (SHIB) massive supply is one of the most significant barriers to its price. The project has about 589 trillion coins in circulation. Reaching $0.001 with 589 trillion tokens in circulation would lead to an unrealistically large market cap. Therefore, the project needs a supply reduction before aiming for higher prices.
Also read: Top 3 Low-Risk Cryptocurrencies That Could 3X in 2024
The SHIB team has said they are working on a new burn mechanism, rumored to burn trillions of tokens a year. If the team can reduce the project’s supply at a rate of over a trillion coins a year, SHIB might climb to the $0.001 target much sooner than predicted.
Credit: Source link
