Shiba Inu holders could witness the much-anticipated surge in their investment returns on the back of just one significant event.
The crypto market has not fared well, but some investors remain confident in a potential rebound. For one, Shiba Inu holders have maintained optimism despite the asset’s discouraging performance this year. For context, SHIB is down 40.6% year-to-date, currently trading at the $0.000012 region.
Shiba Inu Price Predictions Amid Bullish Sentiments
Despite the overall bearish trends in the crypto market, Shiba Inu (SHIB) has garnered a 55% bullish sentiment according to the market analytics platform CoinCodex, showing that many investors still hold a glimmer of hope for recovery. This optimism is particularly notable considering SHIB’s 40.6% drop this year, leading many to ponder whether another price rally akin to its explosive growth in 2020-2021 could be on the horizon.
The current bullish sentiment is strengthened by price predictions suggesting potential targets ranging from $0.00017 to more ambitious goals like $0.01. It’s noteworthy, however, that some forecasts are even setting sights on a jaw-dropping $1, igniting discussions among traders and analysts alike.
How Feasible Are These Predictions
While predictions like reaching $0.00017 seem manageable, the $0.01 target presents a larger challenge. The more extreme $1 forecast is deemed outright impossible without significant alterations to Shiba Inu’s tokenomics.
The main hurdle preventing SHIB from possibly reaching a price of $1 lies in its staggering circulating supply, which stands at around 589 trillion tokens. For perspective, if Shiba Inu were to achieve a $1 price point at this supply level, its market capitalization would skyrocket to $589 trillion—well beyond the total market value of gold, which is currently around $22.4 trillion. Such figures illustrate the enormous scaling challenges that SHIB would face.
One Event That Could Make Shiba Inu Holders Rich
The only real pathway to a $1 valuation seems to hinge on a significant reduction in the total supply of SHIB through large-scale token burns. If the ecosystem team could manage to remove 90% of SHIB’s circulating tokens, bringing the total down to approximately 59 trillion, then potentially a price of $1 would yield a market cap of $59 trillion. However, even that figure would still eclipse many of the world’s largest assets.
Hypothetically, if the Shiba Inu development team was able to incinerate nearly all SHIB tokens to a remaining count of just 100 billion, the situation shifts dramatically. At this new supply level, attaining a $1 price point would establish a more achievable market cap of $100 billion, opening up the possibility for extensive gains for investors.
To visualize this potential profit, consider this: purchasing 1 million SHIB tokens at the current price of $0.000012 would cost an investor merely $12. If the price were to soar to $1 following a successful large-scale burning event, those same 1 million tokens would suddenly be valued at an astonishing $1 million, mirroring the life-changing returns that early investors experienced during SHIB’s previous meteoric rise.
Nevertheless, while the allure of a massive token burn is tantalizing, it remains important to approach these predictions with caution. The Shiba Inu team does not possess unilateral control over the token supply and cannot initiate such large-scale burns without significant investment. Purchasing vast quantities of tokens for burning is a logistical and financial challenge that makes such an event incredibly unlikely in the near term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
