The Shiba Inu [SHIB] ecosystem has been holding onto its 1-cent dream for quite some time now. But the meme coin’s yearly surge of 191% highlights the potential to dream bigger. Therefore, the community is hoping to see SHIB reach the 10 cents level. But for the time being the asset has been trading at $0.00002002 with a 3% daily drop. It should be noted that SHIB is still 77% behind its all-time high of $0.00008845.
While the asset isn’t far from reaching its all-time high, it is still a long way from the 1-cent mark. Data from Telegaon suggests that SHIB might achieve its dream price target sometime around 2040. While this is more than a decade away, it looks like hitting the 10-cent mark will take longer. Telegaon expects SHIB will reach $0.10 only in the year 2050.
Also Read: Shiba Inu: 2 Key Metrics Have SHIB Eyeing a Rally to $0.005
Is the 10 Cents Goal Too Ambitious for Shiba Inu?
The Shiba Inu ecosystem is making strides in terms of utility. Meme coins are often criticized for not possessing real-life use cases. But the SHIB network has been changing the narrative with a slew of developments. Along with this, market adoption will aid in the growth of the meme coin.
Shiba Inu’s circulating supply is large and poses as a hurdle. But, increasing burns can benefit the asset’s growth. If the number of tokens burnt continues to rise, the demand for the asset will increase along with the price. The launch of Shibarium seems to be helping this initiative as a portion of transaction fees on Shibarium are used to burn SHIB tokens. The sentiment of the entire market is also crucial because it decides the meme coin’s price trend.
Also Read: Shiba Inu: SHIB Mid-June 2024 Price Prediction
Credit: Source link