Shiba Inu’s (SHIB) price has recently deleted the zero it gained in August this year. Although the popular memecoin has struggled for most of 2023, its price seems to be finally generating steam. SHIB is up by over 10% in the last 24 hours and over 20% in the weekly charts.
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SHIB’s latest rally could be due to the cryptocurrency market pumping, in general. Bitcoin (BTC) briefly surpassed the $44k mark but has fallen below it again.
Shiba Inu (SHIB) has turned several early investors into multi-millionaires. Although this is a common trait among many projects, SHIB fans await the asset to reach the “one-cent dream” so that many who missed the first bull run can have a shot at attaining “millionaire” status.
How much Shiba Inu (SHIB) is needed to be a millionaire at $0.05?
Reaching a price of $0.05 (five cents) would translate to a growth of about 495,000% from current levels. If SHIB hits $0.05, you would need 20,000,000 (20 million) tokens to hold $1 million’s worth. The price of 20 million SHIB tokens right now is about $202. The return on investment (ROI) on such a trade is massive.
Also Read: Shiba Inu: How To Be a Millionaire When SHIB Hits $0.01?
However, reaching $0.05 is not an easy journey. Firstly, the Shiba Inu (SHIB) team needs to reduce the token’s supply. SHIB currently has a supply of about 589 trillion. If the price of each token reaches $0.05, the project’s market cap will become unrealistically large.
Secondly, the project needs to increase adoption. Lead developer Shytoshi Kusama also highlighted that reducing the supply won’t be enough for the price to grow.
The Shiba Inu (SHIB) team has said they are working on a new burn mechanism, rumored to incinerate trillions of tokens yearly. The upcoming burn portal could significantly reduce SHIB’s supply.
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