Shiba Inu (SHIB) has made significant gains over the last weekend. The asset has finally deleted the zero it gained in December 2023. SHIB’s price has rallied 5.6% in the daily charts, 3.6% in the weekly charts, 6/2% in the 14-day charts, and 10% over the previous month. However, SHIB is still down by 20.8% since February 2023.
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SHIB’s latest rally could be due to Bitcoin (BTC) hitting $55k, a level last seen in early December 2021. BTC’s surge may have led to investors pouring money into other assets.
When will Shiba Inu (SHIB) hit 1 cent?
Shiba Inu (SHIB) fans and investors have long pursued the ‘one-cent dream.’ Reaching one cent from current price levels would translate to a growth of about 99,900%. Although the figure may seem massive, it is not something the token has not achieved before. Between its launch in August 2020 and its all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent.
According to Changelly, Shiba Inu (SHIB) may breach the one-cent mark sometime in 2050, hitting a maximum price of $0.01109889 for the year. However, 2050 is almost 26 years away, and many investors may not want to hold for long periods.
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Shiba Inu’s (SHIB) massive supply is one of its most significant barriers to its price. One of the biggest catalysts for SHIB’s rally in 2021 was Vitalik Buterin’s massive SHIB burn. Buterin received half the token supply upon launch. However, Buterin decided to burn 90% of the tokens he received, significantly reducing the project’s supply. If the team can carry out a similar burn, we may see the $0.01 price level much sooner than anticipated.
The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the new mechanism is successful in removing trillions of tokens yearly, we may reach the ‘one-cent dream’ much sooner.
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