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Several members of the community believe that the growing adoption could put Shiba Inu on the path leading to $0.01. However, getting there will not be that easy. To pull off a ”rabbit out of the hat,” SHIB will have to delete multiple zeros. The overall utility of Shiba Inu and the demand-supply dynamics will also play a critical role in molding the long-term price of the asset.
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SHIB’s 1-cent target
The SHIB Army strongly believed that SHIB could attain 1 cent in the future. A rise to this benchmark target would fetch investors an ROI of 137,451.6% from the current price. A recent analysis of the burn rate suggested that investors could have to wait for roughly 46,296 years for the asset to eventually attain this target.
To reach a price of $0.01, SHIB’s market cap will have to inflate to around $6 trillion. This means SHIB will have to individually grow to become six times the size of the entire crypto market. These prerequisites seem beyond far-fetched at the moment, and it does not seem like SHIB will reach there in the short or mid-term. The report pointed out,
“A $5.9 trillion market cap would make Shiba Inu bigger than Apple. It’s an extremely speculative objective which is outside the realms of possibility for at least the next 20 years.”
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Burning its way up to $0.01 seems like a far cry. Nevertheless, the report pointed out that such a scenario was not completely out of the equation. That being said, the current numbers are underwhelming. Giving a reality check, the report concluded by asserting,
“Whether by market cap or by token burning, a Shiba Inu price of $0.01 is unlikely even in the next few bull markets. Chances are it’s a battle not even your grandkids could take up.”
Also Read: Shiba Inu Could Reach $1 by 2024? Here’s a Reality Check
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