The cryptocurrency market seems to be entering another bullish phase, with Bitcoin (BTC) reclaiming the $72,000 price. The global crypto market cap has hit $2.55 trillion, rising 0.1% in the last 24 hours.
Shiba Inu (SHIB) also follows the bullish trend, rallying 3.6% in the last 24 hours, 5.5% in the weekly charts, 3.5% in the 14-day charts, 1.3% in the monthly charts, and 137.9% since late October 2023.
Also Read: Top 3 Cryptocurrencies That You Should Watch In Q4 2024
How Long Until $1000 Worth of SHIB Becomes $500,000?
If you purchase $1000 worth of Shiba Inu (SHIB) right now, you will receive about 52,910,052.91 (52.9 million) tokens. For 52.9 million SHIB to be worth $500,000, each token has to reach around $0.00945.
The question now becomes when the price of one SHIB token will reach $0.00945. To hit $0.00945 from current price levels, SHIB’s price has to rally by about 49,900%.
Also Read: Here’s How High Bitcoin (BTC) May Soar This Weekend After Acing $70K
According to Changelly, Shiba Inu (SHIB) could hit $0.00945 between 2033 and 2040. The platform predicts a maximum price of $0.00119988 in 2033 and $0.02359764 in 2040.
Telegaon analysts also paint a similar picture for SHIB. The platform anticipates the asset will hit $0.00945 sometime between 2035 and 2040. Telegaon analysts predict SHIB will trade at a maximum price of $0.00216 in 2035 and a maximum price of $0.089 in 2040.
Can It Reach $0.00945 Any Sooner?
There are about 589 trillion SHIB tokens in circulation right now. The asset’s massive supply is one of the most significant barriers to its price. Vitalik Buterin’s token burn was one of the biggest catalysts for SHIB’s incredible rally in 2021.
Although Buterin received half of SHIB’s supply upon launch, he decided to burn 90% of the tokens he received. Buterin’s decision led to a substantial decrease in supply and, consequently, a price spike.
Also Read: Can TradingView Place Option Order from Webull?
The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism that could burn trillions of tokens annually. If the team can drastically reduce the project’s supply, we may reach the $0.00945 price point much sooner than anticipated.
Credit: Source link