Shiba Inu (SHIB) has experienced immense success over its four years. Since its launch in August 2020, the price of dog-themed cryptocurrency has risen by many million percent. Early investors made millions of dollars in profit with minimal investments. Despite its incredible growth, the asset’s price has stagnated over the last few years. SHIB has made some gains over the previous few weeks, but it is nothing compared to its 2021 rally.
Many believe the SHIB boat has sailed, but others think there is still plenty of room for SHIB to grow. SHIB fans and investors target higher prices for the asset. Many aim to delete a couple of zeros after the decimal point.
Let’s discuss three ways how SHIB can hit the $0.001 target.
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3 Ways How Shiba Inu Can Hit $0.001
1. Massive SHIB Token Burns
One of the most significant catalysts for SHIB’s incredible performance in 2021 was Bitalik Buterin’s token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the tokens and donate the rest to charity. His actions led to a substantial decline in supply, leading to a price spike.
The Shiba Inu team is reportedly working on a new burn mechanism. The new mechanism is rumored to burn trillions of tokens yearly. If the team can drastically reduce the asset’s supply, we may witness another 2021-like rally.
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2. More Adoption
According to Shytoshi Kusama, SHIB’s lead developer, burns alone will not push the asset’s price. The decline in supply has to be met with an increase in adoption for price gains.
If more people start using SHIB, its price will be positively impacted. SHIB has witnessed an increasing number of users over the last few years. This trend needs to continue for the asset to hit $0.001.
3. More Utility
One factor that could lead to a surge in SHIB’s adoption is more utility. The project launched the Shibarium blockchain network last year to bring more utility to the project. The network has witnessed incredible growth since its launch but needs more projects to make a difference.
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If more projects begin building on Shibarium, we may witness SHIB’s price taking off.
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