Shiba Inu (SHIB), the popular cryptocurrency, remains in bearish markets, like most cryptocurrencies. While the community is hopeful that the asset can reach the ambitious target price of $0.001 marking an 11,173% surge from its current price of $0.0000887, the goal is dependant on two main catalysts, token burns and increased utility.
Ideally, SHIB needs to reduce its supply drastically and increase its market cap to $574.2 billion to get to the $0.001 target. This would make Shiba Inu the biggest cryptocurrency by market cap, above bitcoin. To limit the supply, the community has resorted to large token burns. The largest cumulative intraday burns being 2.25 billion SHIB in 24 hours on May 3. However, this burn rate is too slow and would need to be vastly improved.
The community is hoping to increase the utility of Shiba Inu and drive adoption with various projects. Shibarium is planning to increase the burn rate and attract more projects, while SHIB: The Metaverse is expected to bring up utility for SHIB and quicken adoption.
The positive price action of the asset has shown that its goal of $0.001 might not be that difficult to attain. As the asset surged by 142,000% from $0.0000000605 in March 2021 to its ATH of $0.00008616 in October 2021, a further 11,275% increase might be achievable with successful token burns and a surge in utility.
John Hughes
- 2023-05-13
Can Shiba Inu Reach Its Ambitious Target of $0.001?
Shiba Inu (SHIB) remains in bearish markets. To reach its ambitious target price of $0.001, the asset needs to reduce its supply drastically and increase its market cap to $574.2 billion, making it the biggest cryptocurrency by market cap. Read on to know the two main catalysts, token burns and increased utility, that can help SHIB reach its goal.
