Many Shiba Inu enthusiasts predict the market will bounce back. With this hope, he expects SHIB to jump to $0.1. However, this is less possible than you might think at first glance.
There is speculation of $0.1 for Shiba Inu, but…
One of the biggest winners of the last bull market, many investors are optimistic that Shiba Inu (SHIB) will rebound significantly when the tide turns in current bear market conditions. However, many are extremely bullish about the meme-coin’s prospects. Accordingly, they are speculating heavily on the potential to reach the $0.1 mark within the next year.
People who say that SHIB will reach $ 0.1 state that the meme-coin has gained 8,914,728.26% in value since its launch in December 2020. Thinking about the Shiba Inu leaping into the top league of cryptocurrencies has some hopeful that SHIB could reach $0.1. SHIB surprises anyone who underestimates the power of a global community rallying around it. Yet a reality check reveals that a SHIB price of $0.1 is theoretically impossible. Because the meme-coin project will need to significantly change its supply dynamics and underlying market appeal to have any chance of reaching such a high price.
SHIB to reduce rate to reach $0.1 by 2024
At the time of this writing, the Shiba Inu maintains a market value of $4.92 billion. It is also trading around $0.00000728. cryptokoin.com As you follow from , SHIB reached the ATH level of $0.00008845, which it reached in October 2021. However, its current price is far from its peak. However, the likelihood of SHIB reaching $0.1 in 2024 or in the foreseeable future is almost zero. The reason for this is not far-fetched. The total supply of cryptocurrency is 589.59 trillion tokens. Given this situation, a price of $0.1 would increase the market cap to $58.9 trillion. At this stage, global crypto market capitalization is only $1 trillion. In fact, it only reached as high as $3 trillion at the peak of the 2021 bull run. Therefore, it is useful to remember these for Shiba Inu.
An additional context emerges when considering nominal global gross domestic product (GDP). The global GDP metric measures the added value of goods and services created by all the world’s countries. The world’s nominal GDP is worth $100 trillion. The United States has a share of approximately $25 trillion. So, a Shiba Inu price of $0.1 would require the meme-coin to reach a market capitalization twice the US GDP and more than half the global GDP statistics. Such a result is not realistic at all.
Can Shiba Inu reach $0.1 in a longer time?
It is theoretically impossible for SHIB to reach $0.1 based on the current token supply. However, such a price is possible if the project significantly changes the token supply. For example, if the SHIB supply is reduced to 1 trillion tokens, the market cap at a price of $0.1 would be $100 billion. This would make SHIB the third largest cryptocurrency based on current market valuations.
However, it should also be noted that such a change in the token supply could cause huge controversy in the Shiba Inu community and cause the meme-coin to lose its market appeal. A bulging token supply is often a key feature of most meme-coins. Individuals are attracted by the prospect of holding millions or even billions of tokens, which have less value in dollar terms than more established crypto assets such as Bitcoin.
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