Shiba Inu’s (SHIB) price has struggled to gain momentum in 2023, despite the project launching its highly anticipated layer-2 network, Shibarium. Many expected SHIB to burst into a rally and delete a few zeros, but that did not happen. Instead, SHIB has been on a downward trajectory for most of the year. Moreover, a report by Telegaon suggested that it will take decades for SHIB to delete all its zeros and reach $1.
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As per the report, Shiba Inu (SHIB) could reach a maximum price of $0.0000316 in 2023. By 2027, the token could delete two additional zeros and achieve a maximum price of around $0.000198. However, the report mentioned that it would take another 13 years for SHIB to delete two more zeros. The report predicted that SHIB will attain a price of $0.076 by 2040. And lastly, SHIB could attain its $1 goal sometime in 2050, 27 years from now.
How will Shiba Inu reach the $1 level?
The Telegaon report suggested that the Shiba Inu (SHIB) team could burn half the current supply before 2040. This would be a similar move to how Ethereum (ETH) co-founder Vitalik Buterin burned almost half the initial supply in 2021. Buterin’s move played a big hand in SHIB’s initial price spike.
Now, how the team will burn half the current supply remains to be answered. The team has said that they are working on a new burn mechanism that is rumored to burn trillions of tokens every year. Such a mechanism could potentially burn a significant number of tokens in a short amount of time.
However, as pointed out by SHIB lead developer Shytoshi Kusama, burns alone will not push up prices. Burns have to be accompanied by an increase in demand. A reduction in supply and an increase in demand are what will help SHIB attain its price goals. At press time, SHIB was trading at $0.00000733, down by 1% in the last 24 hours.
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