Why Shiba Inu Price Will Never Hit $1
Market Capitalization and Supply Dynamics
A recent analysis by a Bitcoin analyst has thrown cold water on the possibility of the Shiba Inu price hitting the $1 mark. The analyst firmly dismissed the idea, suggesting that it is highly unlikely, if not downright impossible. Davinci Jeremie, a prominent Bitcoin analyst with over 825,700 followers on X (formerly Twitter), has declared that the Shiba Inu price will never reach $1. To understand why the analyst has made such a grim prediction, he points to Shiba Inu’s market capitalization and supply dynamics.
Shiba Inu’s vast circulating supply makes it difficult to achieve a price of $1. With a circulating supply of around 589.5 trillion, reaching $1 would require an astronomical market cap far beyond what the crypto market could sustain. Jeremie argues that Shiba Inu’s market capitalization would need to surge to a staggering $600 trillion to reach a price of $1. To put the sheer scale of this figure into perspective, a comparison between Bitcoin, gold, and the global crypto market cap helps illustrate just how unrealistic this milestone is.
Comparison with Bitcoin and Gold
Currently, Bitcoin, the world’s largest cryptocurrency by market cap, is worth around $1.66 trillion. For Shiba Inu to achieve a $1 price point, it would need to surpass almost 600 times the total market cap of Bitcoin. Gold, which is widely regarded as a reliable store of value and has a market cap of approximately $21.857 trillion, would still be significantly dwarfed by the required market cap for SHIB at $1. To put it simply, Shiba Inu reaching this figure would need a valuation nearly 300 times greater than the entire global crypto market cap, which currently sits around $2.65 trillion.
Supply Dynamics and Token Burns
The sheer number of tokens in circulation is part of what keeps SHIB’s current price so low at $0.000012. It also makes it virtually impossible to reach $1 unless drastic changes are made to supply or token burns skyrocket astronomically. The analyst highlights that Shiba Inu’s massive supply is created to appeal to its community, making it difficult to achieve a high price.
Community Acknowledges SHIB’s $1 Pipe Dream
Following Jeremie’s declaration that Shiba Inu is unlikely ever to hit $1, many in the crypto community echoed his sentiment, emphasizing just how unrealistic and ambitious this target is. While many concluded that Shiba Inu cannot reach $1, others offered potential solutions they believe could one day turn this far-fetched goal into a reality. One member highlighted the need to reduce Shiba Inu’s supply, primarily through token burns, which permanently remove tokens from circulation. Since its inception, over 410.7 trillion SHIB tokens have been burnt. However, despite this progress, the circulating supply remains overwhelmingly large.
Conclusion
In conclusion, the possibility of Shiba Inu reaching a price of $1 is highly unlikely, if not impossible, due to its vast circulating supply and the astronomical market cap required to achieve this feat. The community acknowledges this, with many echoing the analyst’s sentiment that achieving a $1 price point is unrealistic.
FAQs
Q: What is the current circulating supply of Shiba Inu?
A: The current circulating supply of Shiba Inu is around 589.5 trillion.
Q: What market cap is required for Shiba Inu to reach a price of $1?
A: According to the analyst, Shiba Inu’s market capitalization would need to surge to a staggering $600 trillion to reach a price of $1.
Q: How does Shiba Inu’s supply compare to other cryptocurrencies?
A: Shiba Inu’s supply is significantly larger than other cryptocurrencies, making it difficult to achieve a high price.
Q: What is the current market cap of Bitcoin?
A: The current market cap of Bitcoin is around $1.66 trillion.
Q: How does Shiba Inu’s market cap compare to gold?
A: Gold has a market cap of approximately $21.857 trillion, which is significantly dwarfed by the required market cap for SHIB at $1.
Q: What is the role of token burns in reducing Shiba Inu’s supply?
A: Token burns permanently remove tokens from circulation, which can help reduce the circulating supply and potentially increase the price of Shiba Inu.
