Shiba Inu is currently trading at $0.00001079 and is up nearly 6% in the indices on Wednesday. The leading meme currency deleted a zero this week after Bitcoin spiked and climbed above the $57,000 mark. SHIB is attracting bullish sentiments as it’s up nearly 20% in the last 30 days.
Also Read: When Will Shiba Inu Reach $1?
However, this spike might be temporary as Shiba Inu is only moving in tandem with Bitcoin’s price. SHIB is not rallying on its own and the surge in price is closely associated with Bitcoin and the broader cryptocurrency market. For SHIB to delete all its zeroes and reach $0.10 (10 Cents), the token needs to do something dramatic and drastic.
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Shiba Inu: SHIB Needs To Do This To Reach 10 Cents ($0.10)
SHIB has a circulating supply of 549 trillion tokens that’s currently available for grabs in the cryptocurrency market. Its market cap is also hovering around the $6.3 billion range and is struggling to climb up despite the rally. So what needs to magically change for Shiba Inu to hit the $0.10 (10 Cents) milestone? Well, here’s your answer.
Also Read: When Will SHIB Reach 2 Cents?
Shiba Inu needs to increase its market cap to $58.9 trillion for the token to even consider reaching 10 Cents. That’s more than 10,000 times its current market cap, and even bigger than Apple, Microsoft, and Tesla. Apple’s market cap is $2.82 trillion, Microsoft $3.03 trillion, and Tesla $625 billion.
These companies are world-renowned hire thousands of employees and launch high-end technology. On the other hand, Shiba Inu is just a meme currency with little to no use cases in the real world. Therefore, SHIB reaching 10 Cents, not just in the near term, but also in the long term remains doubtful.
In conclusion, firstly, the circulating supply has to be reduced by nearly 90%, and secondly, the market cap needs to increase tenfold for Shiba Inu to reach the 10 Cents range.
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