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This article highlights how Shiba Inu could reach the coveted $0.01 price target at a lower valuation than the required $589 trillion market cap.
The potential of Shiba Inu’s surge to the $0.01 target has been a major dream for many SHIB holders. Many investors are already considering how to go on early retirement if Shiba Inu ever achieves this milestone.
However, Shiba Inu is currently trading far below the $0.01 target, which requires the token to surge tremendously to reach one cent. Currently, Shiba Inu is changing hands at $0.00001906, down 0.09% over the past 24 hours. This suggests that Shiba Inu must surge 52,365% from the current price to reach the $0.01 target.
If Shiba Inu hits the $0.01 target, a portfolio of 52.5 million SHIB, which costs about $1,000 today, would be worth $525,000.
Market Cap Required For Shiba Inu Surge to $0.01
Given Shiba Inu’s hefty supply of 589.26 trillion tokens, Shiba Inu requires a market cap of $5.89 trillion to reach the one-cent goal. This valuation is more than twice the global crypto market cap, which currently stands at $2.61 trillion.
At the moment, Shiba Inu is valued at $11.21 billion and ranks as the 13th-biggest cryptocurrency on CoinMarketCap. Therefore, Shiba Inu’s market cap must surge 52,365% to reach the projected valuation of $5.89 trillion.
Based on the hefty growth demand and Shiba Inu supply, many analysts think the $0.01 target will never be achieved.
Only Way Shiba Inu Can Hit $0.01 with a Lower Valuation
Shiba Inu’s hefty supply poses a significant challenge to SHIB’s dream of hitting the $0.01 target. The current supply of 589.26 trillion SHIB requires Shiba Inu to surge 52,365% to claim the $0.01 target.
Hence, Shiba Inu could only hit the $0.01 target at a lower valuation through aggressive burns. This process requires users to send SHIB to the official dead wallet, potentially reducing its supply and driving its price.
Shiba Inu, which launched with a supply of 1 quadrillion tokens, has witnessed the incineration of 410,737,173,158,335 (410.73 trillion) SHIB. While this effort is commendable, there is still a need for large-scale burns.
This can be achieved through several community initiatives, ecosystem developments, and potential collaborations with top projects. Interestingly, Shiba Inu community members are also proposing an initiative that could see Ethereum integrate SHIB as a gas token alongside ETH. They suggested that the tokens accumulated via this initiative would be automatically burned to reduce SHIB’s supply and boost its price drastically.
Meanwhile, the team behind the Shiba Inu ecosystem is also committed to enhancing burns via Shibarium. Notably, the L2 blockchain is designed to burn SHIB using some of its fees. Since its launch last year, Shibarium has burned over 55 billion SHIB, with more tokens expected to burn amid a spike in the network’s transaction volume.
As Shiba Inu experiences more large-scale burns, the canine-themed token would require a lower valuation instead of the $5.89 trillion market cap to hit the $0.01 target.