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Shiba Inu (SHIB) fans and investors have long held the goal of taking the asset’s price to the “one-cent dream.” The popular dog-themed crypto has seen a growth of many million percentage points between its launch and reaching its peak in 2021. Although the token has been on a downward trajectory since then, many believe it still has a lot to offer.
If SHIB were to reach $0.01, an investor would need 100,000,000 tokens to be a millionaire. The price of 100 million tokens right now is about $736. The growth would represent a rise of 135769.57%. If SHIB were to reach a price of $0.1, the same 100 million tokens would be worth $10 million.
Also Read: Shiba Inu’s Astounding October Performance: Will History Repeat?
Now, reaching a price of $0.01 is a long journey for Shiba Inu (SHIB). However, it can be argued that it is not entirely impossible for the project to achieve this feat.
How can Shiba Inu reach $0.01?
This has been said many times, but with SHIB’s current supply, it would be unrealistic for the token to reach $0.01. The resulting market cap would be too large, crossing the likes of Apple and Amazon by multiple folds.
However, if the team is able to wipe out, or burn, a considerable amount of the supply, the token could potentially reach its $0.01 target. The burn would have to be of the magnitude of the one carried out by Ethereum (ETH) co-founder Vitalik Buterin. Buterin received half of SHIB’s initial supply. However, he decided to burn 90% of it and donate the rest to charity. If SHIB is able to conduct a similar reduction in its supply, it could potentially reach another all-time high. Nonetheless, burns will also need to be coupled with an increase in demand. Burns without any demand would not do much to push the asset’s price.
Also Read: Shiba Inu: $2 Worth SHIB Becomes $14.5 Million in October 2023
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