Shiba

Rally

Apple

Shiba Inu

<div class="watcher-guru">
 <p>Shiba Inu (SHIB) fans and investors have long awaited the asset to delete a few zeros from its price and breach the $1 mark. However, the popular memecoin has been on a downward trajectory after reaching its all-time high of $0.00008616 in October 2021. SHIB is currently down by over 89% from its 2021 highs.</p>
 <p><strong>Also Read: Shiba Inu or XRP: Which Asset Can Deliver Good Profits in 2024?</strong></p>
 <p>Despite the lackluster performance in 2022 and 2023, SHIB fans continue to support the asset. The loyal community is one of SHIB’s greatest strengths. A robust community is a positive sign for a project’s future growth.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <h3 class="wp-block-heading" id="h-how-can-shiba-inu-shib-reach-1">How can Shiba Inu (SHIB) reach $1?</h3>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp" alt="Shiba Inu" class="wp-image-122287" srcset="https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 1024w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 300w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 768w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 1536w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 380w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 550w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 800w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 1160w, https://cdn.thebittimes.com/images/2024/01/20/44569893f055206bb6fd16fc1dad6723.webp 1792w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
 <p>SHIB’s massive supply is one of the most significant barriers to its price reaching $1. The project currently has a circulating supply of around 589 trillion. If the asset reaches $1, the project’s market cap will hit $589 trillion, a very unrealistic figure. For context, Apple and Microsoft, two of the biggest companies in the world, have a shared market cap of around $5.7 trillion. If SHIB reaches $1 with its current supply, it will be 100 times bigger than Apple and Microsoft combined.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p>Therefore, Shiba Inu’s (SHIB) supply has to significantly reduce for its price to hit the $1 mark. The project has to burn 99.999% of its supply for SHIB’s price to reach $1.</p>
 <p><strong>Also Read: Shiba Inu: Here is When SHIB Can Rally 100% From Current Price</strong></p>
 <p>The Shiba Inu (SHIB) team revealed that the Shibarium network will automate burns from January 2024. Moreover, the team is working on a new burn mechanism, rumored to incinerate trillions of tokens yearly. However, even if the new burn mechanism destroys 1 trillion tokens monthly, it would take the project a long time to remove 99.999% of its supply. SHIB has to undertake a burn similar to Vitalik Buterin’s 2021 SHIB burn. Buterin received half of SHIB’s supply when the token launched in 2020. However, Buterin decided to burn 90% of the tokens he received. Buterin’s decision significantly helped SHIB’s 2021 epic rally.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>shib</li>
  <li>shiba inu</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shiba-inu-shib-can-reach-1-if-this-happens-tbt77148.html">https://thebittimes.com/shiba-inu-shib-can-reach-1-if-this-happens-tbt77148.html</a></p>

Shiba Inu (SHIB) Can Reach $1 If This Happens

Table of Contents

TheBitTimes

Other articles published on Jan 20, 2024

Ex-IcomTech CEO Gets 5-Year Sentence for Crypto Scheme

Telcoin Price (TEL) Resumes Downtrend, How Low Can it Go?

Strategic Move: Crypto Analyst Crypto Capo Buys SUSHI

Bitcoin ETF: Fierce Competition Between BlackRock And Fidelity As Volume Jump

Ethereum (ETH) Upside, Bitcoin (BTC) ‘Max Pain’ Ahead: Analyst

Huobi Token (HT) Converted to HTX, Enhanced Benefits Unveiled

Join our free newsletter for daily crypto updates!