With the launch of Shibarium right around the corner, interest in Shiba Inu [SHIB] has been experiencing a significant surge. Despite the recent decline in price, the aspiration for the coin to reach one cent remains strong. Achieving such a milestone would have life-changing implications for many individuals. However, the crucial question remains: How much time will it take for the asset to reach this level?
In order for Shiba Inu to reach one cent, its value would need to increase by a factor of 900. At one cent, the market capitalization of Shiba Inu would be about 5.8 trillion. Assuming SHIB grows at a rate of 25% per year, it would take around 30 years for Shiba Inu to reach one cent. However, it’s important to note that this is a theoretical possibility and not a practical expectation in reality.
At press time, Shiba Inu was trading for $0.000007547 with a 0.06% daily surge. It is worth noting that the asset is 91% below its all-time high of $0.00008845. The current market cap of SHIB is around $4.42 billion.
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How will burns assist Shiba Inu’s journey to 1 cent?
Currently, the rate at which Shiba Inu tokens are being burned is 78%. In the past 24 hours, a total of 31,881,473 SHIB tokens were removed from circulation. While comparing June burn rates, there was a significant decrease in the number of tokens burned. In June, a total of 1,653,845,435 tokens were burnt.
By uniting the entire community, there is a possibility of helping SHIB reach the price of $0.01. However, it is important to note that token burning alone cannot guarantee the asset’s value reaching 1 cent. Token burning reduces the overall supply, which can create scarcity and potentially drive up the value of the remaining tokens. However, the price of a cryptocurrency is influenced by multiple factors, including market demand, investor sentiment, utility, competition, and overall market conditions. These factors should be taken into consideration alongside token burning when assessing the potential price movement of SHIB.
Also Read: Shiba Inu: Here’s When SHIB Could Delete 2 ‘Zeroes’ & Reach $0.0001
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