Bitcoin (BTC) has had a stellar year in 2024. After the US SEC (Securities and Exchange Commission) approved 11 spot ETC ETFs (Exchange Traded Funds), the original crypto hit a new all-time high. BTC’s rally trickled into the larger market, taking other assets to yearly highs. One analyst has predicted Shiba Inu’s (SHIB) price if BTC hits $777,000.
According to X user Yazan, BTC could hit a high of $777,00 this cycle, a rise of about 1057% from current levels. In such a scenario, Yazan predicts SHIB to hit $0.05 (5 cents), a rise of over 209,000%.
Also Read: Kabosu, The Shiba Inu Dog Behind DOGE and SHIB Passes Away
Although Shiba Inu (SHIB) fans will be ecstatic about such a forecast, there is one major problem with this prediction, which is SHIB’s massive supply. There are about 589 trillion SHIB tokens in circulation. If the price of each token reaches $0.05, the project’s market cap will become unrealistically large, even larger than top tech companies like Apple, Microsoft, etc. The project will need to drastically reduce its circulating supply before aiming for such high prices.
Although SHIB may eventually reach $0.05, it is unlikely to happen this cycle.
When can Shiba Inu (SHIB) reach $0.05?
According to Changelly, SHIB will reach $0.05 sometime after 2050, over 26 years from now. The platform predicts SHIB to hit a maximum price of $0.03319668 in 2050.
Also Read: Shiba Inu: How High Can SHIB Go if Ethereum ETF is Approved?
Telegaon, on the other hand, is more bullish on Shiba Inu (SHIB). The platform predicts SHIB to hit $0.05 sometime between 2035 and 2040. Telegaon predicts SHIB to hit a maximum price of $0.00216 in 2035 and $0.089 in 2040.
However, there is a possibility that SHIB will breach the $0.05 mark much sooner. The SHIB team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can significantly reduce SHIB’s supply, we may see a sudden price spike.
Credit: Source link