Shiba Inu’s (SHIB) has been on a downward trend for most of 2023. The token has failed to remove the zero it gained after its decimal point in early May. However, fans and investors continue to pursue the $1 target.
According to DigitalCoinPrice, Shiba Inu (SHIB) could reach a minimum price of $0.0000733 by 2030. This amounts to an 876% increase from current levels. The minimum price for SHIB in 2023, according to the platform, is $0.0000733, an increase of 949%. However, a target of $1 seems unlikely for SHIB within this decade.
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Can Shiba Inu ever reach $1?
Shiba Inu (SHIB) has about 590 trillion tokens in circulation. If SHIB reaches $1, it would mean that the project’s market cap would reach $590 trillion, which is an almost impossible number.
To reach $1, SHIB would need to grow by almost 13,315,479 %. Although the rally seems like an impossible task, it is not something that has not happened before. Since November 2020, SHIB is up by 13,447,047.02%, which is close to what is needed. However, this gain is largely attributed to Vitalik Buterin burning 410 trillion SHIB tokens from the amount that he received upon the project’s launch.
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Although many members have mentioned that burning a big chunk of the circulating supply could potentially take the asset to its $1 goal, it is not an easy task to take on. In the month of June, the project burned about 1.6 billion tokens. At that rate, it would take Shiba Inu (SHIB) many decades to burn trillions of tokens.
However, if SHIB investors can collectively burn a large portion of the supply, it could help push the asset toward its goals. However, reaching $1 would still be a Herculean task, and almost borderline impossible. At press time, SHIB was trading at $0.00000751, down by 0.8% in the last 24 hours.
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