Can Shiba Inu Coin reach $1? Analysis of Challenges and Possibilities
Shiba Inu Coin (SHIB) reaching $1 is a hot topic of interest among many investors. However, the difficulty of achieving this goal is immense, with the most critical barrier being market capitalization.
Challenges of Market Capitalization
Currently, the circulating supply of SHIB exceeds 589 trillion tokens. If each token is valued at $1, the total market capitalization would reach 589 trillion dollars. This figure not only far exceeds the total market value of the global cryptocurrency market, but also surpasses the GDP of most countries.
Clearly, under the current token supply, it is unrealistic for SHIB to reach $1. Therefore, the primary task to achieve this goal is to significantly reduce the circulating supply.
Path to Achievement: How to Bring SHIB Close to $1
Token Burning
Token burning is the process of sending tokens to an inaccessible wallet, thereby permanently removing them from circulation.
The Shiba Inu community has initiated token burning, but the scale needs to be further expanded. For example:
90% Burn Rate: If 90% of the existing supply can be burned, the remaining circulating tokens will be significantly reduced, and the market capitalization needed for each token to reach $1 will also decrease to about 58.9 trillion dollars, making it more feasible.
Searching for the next Shib is similar to finding the dog raised by Musk #Marvin , the next hundredfold or thousandfold coin, you can own it in advance~