![Will Dogecoin [DOGE] Hit the $1 Mark By The End of April 2024?](https://watcher.guru/news/wp-content/uploads/2024/04/0ee9d7d59d424a7c8bd7d70c86070beb.jpg)
Shiba Inu (SHIB) has made a name among young investors looking to make it big in crypto. The dog-themed project has turned several early investors into multi-millionaires and, in some cases, billionaires. Although SHIB has been in a downward trajectory after hitting its all-time high of $0.00008616 in October 2021, fans and investors are hopeful the asset will gain momentum again.
Also Read: Shiba Inu Forecasted To Reach 1 Rupee 46 Paisa in India: Here is When
SHIB fans and investors have long pursued the $0.01 (one cent) target. Many are hopeful they can settle down for life if SHIB achieves this feat. You will need 100000000 tokens (100 million tokens) to have one million dollars worth of SHIB at $0.01 per coin. The price of 100 million SHIB right now is about $2699. If SHIB hits $0.01, the portfolio’s value will skyrocket by about 36,950%.
When will Shiba Inu (SHIB) reach $0.01?
While there is a lot to gain from SHIB reaching its one-cent target, the journey there is not so easy. According to Telegaon, SHIB could hit the $0.01 level sometime between 2035 and 2040, about 11 to 16 years from now. Changelly also paints a similar picture for the dog-themed crypto. The platform anticipates SHIB to hit $0.01 sometime between 2033 and 2040.
Shiba Inu’s (SHIB) massive supply is one of the most significant barriers to its price. The project has about 589 trillion coins in circulation. Reaching $0.01 with 589 trillion tokens in circulation would lead to an unrealistically large market cap. Therefore, the project needs a supply reduction before aiming for higher prices.
The SHIB team has said they are working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can reduce the project’s supply at a rate of over a trillion coins a year, SHIB might climb to the $0.01 target much sooner than predicted.
Credit: Source link
