Shiba Inu (SHIB) investors have long targeted a price of $0.01, commonly known as the “one cent dream.” However, before reaching one cent, the popular dog-themed memecoin would have to delete a few zeros and reach the $0.0001 level. According to a few forecasts, this might take longer than many expect.
According to the analysis by Gov.capital, Shiba Inu (SHIB) will not reach $0.0001 anytime before October 2027, i.e. four years from now. Reaching $0.0001 represents a growth of about 1288.6%.
Also Read: Shiba Inu: Can SHIB’s ‘Secret’ AI Venture Push its Price to $0.01?
Changelly, on the other hand, predicts that SHIB will attain a price of $0.0001 by the year 2029, six years from now. Moreover, the firm predicts that SHIB will reach a price of $0.0002 by 2032.
How will Shiba Inu reach $0.0001?
SHIB had a meteoric rise in 2021, growing by many thousand percentage points. However, one of the biggest drivers was Vitalik Buterin, the co-founder of Ethereum, burning almost half of SHIB’s entire supply. Buterin received half the token supply when it launched in August 2020. However, he decided to burn 90% of it and donate the rest to charity. If the SHIB team is able to carry out another burn of such a magnitude, it would greatly help in pushing the asset’s price. The team is working on a new burn mechanism that can reportedly destroy trillions of tokens every year.
Also Read: Shiba Inu: How Much to Invest to be a Millionaire if it Hits $0.01?
However, as pointed out by Shiba Inu (SHIB) lead developer, burns alone will not drive up the asset’s price. Burns have to be met with increased demand. In order to increase demand, the team is working on several real-world use cases for SHIB. The project launched its Shibarium layer-2 blockchain in August this year, which would allow developers to build on SHIB. This may drive up demand eventually.
At press time, SHIB was trading at $0.00000720, down by 0.4% in the last 24 hours.
Credit: Source link