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Popular crypto YouTuber CryptoJack questions Shiba Inu’s potential to hit one of its ambitious price targets, asking whether the prediction will ever happen or remain a dream.
Several market watchers have been closely observing Shiba Inu (SHIB), with some setting audacious targets for the asset, including a potential surge to $0.01.
Particularly, experts at Changelly forecast that Shiba Inu will hit the $0.01 milestone by October 2040, approximately 16 years from now.
Users Doubt the $0.01 Forecast for Shiba Inu
The $0.01 prediction, popularly referred to as the one-cent dream, has gained momentum within the Shiba Inu community. Many investors fantasize about how they plan to retire early if SHIB eventually reaches $0.01.
However, some users have questioned Shiba Inu’s potential to hit the $0.01 target. Famous crypto YouTuber CryptoJack raised this concern in a recent X post, asking whether Shiba Inu can realistically reach the $0.01 price target.
Reaching the $0.01 requires Shiba Inu to rally by 41,290% from the current price of $0.00002416. At $0.01, Shiba Inu’s market cap will soar to a whopping $5.84 trillion, surpassing Bitcoin’s valuation of $2.01 trillion. This reflects a surge of 41,290% from Shiba Inu’s current market cap of $14.12 billion, demanding a substantial amount of capital influx.
Can Shiba Inu Soar to $0.01?
Given the hefty growth necessary to achieve the $0.01 price target, many users have dismissed the possibility of Shiba Inu ever reaching it in its lifetime. Some suggest that due to the token’s hefty supply, it will forever remain a dream.
For context, Shiba Inu began trading in August 2020, boasting an initial extensive supply of 1 quadrillion tokens. So far, 410 trillion SHIB tokens, representing 41.74% of the total supply, have been incinerated.
Despite this, Shiba Inu still has a total supply of 589,257,176,554,960 (589.25 trillion), with 584.11 trillion tokens currently in circulation, according to Shibburn data.
Only Way Shiba Inu Can Hit $0.01
Consequently, some community members suggest that burning a huge chunk of the supply might be the only way SHIB can reach the $0.01 target.
As a result, they propose that the ecosystem team actively buy back SHIB from the market and burn them. This would permanently remove the tokens from the supply, potentially raising the value of the remaining tokens in the long term to targets like $0.01.
The team’s existing efforts to drastically reduce SHIB’s supply through Shibarium-powered burns seem insufficient. So far, Shibarium-powered burns have successfully removed about 57 billion SHIB from the supply, representing about 0.01% of the total burns Shiba Inu has recorded since its inception.
Should the team actively buy back SHIB from the market and send them to the official dead wallet, it would drastically reduce the circulating supply, helping Shiba Inu attain the $0.01 target at a lower valuation instead of the aforementioned $5.89 trillion market cap.
Expert Calls for Calm Amid Heavy Selling Pressure on SHIB
Meanwhile, Shiba Inu is facing intense selling pressure in the ongoing market downturn, with many investors converting their SHIB tokens to more stable assets like USDT. Earlier today, an early Shiba Inu investor sold 400 billion SHIB on Gemini, netting a profit of $9.59 million.
In the meantime, popular community analyst Shib Spain has urged investors to remain calm and not sell their SHIB holdings in the ongoing market crash.
The expert emphasized that Shiba Inu is currently trading above a key support level at $0.000023, demonstrating the asset’s resilience in the broader market crash.
Stay calm $SHIB is still above this huge support.
Don’t need to panic sell ! #DiamondHands pic.twitter.com/Ceu4Ude8bK
— Shib Spain (@ShibSpain) December 18, 2024
Currently, Shiba Inu’s trading volume has exploded by 66.69% over the past 24 hours to $1.39 billion. Its price has also plunged by 6.59% in the past day and 17.77% over the last seven days to $0.00002416.