No one can deny the Shiba Inu cryptocurrency witnessed a 26,000,000 percent spike in 2021 when it was authorized to be exchanged on major cryptocurrency exchanges, and the popularity of the meme coin exploded, with many asking if it will be able to achieve the value of $1.
Why do we think Shiba Inu will reach the $1 cap?
The current value of Shiba Inu is $0.000021, therefore growing to a dollar would imply a 4,700,000 percent rise, yet some experts feel that the currency’s growth in the previous year makes a new great jump feasible.
This cryptocurrency is traded at such a low price because its supply is too large, with 549 billion SHIB tokens in circulation and a market valuation of around $11 billion.
Consider Shiba Inu achieving a market capitalization of $549 billion, which is 203 times the value of firms like Apple ($2.7 trillion) and 366 times the value of Amazon ($1.5 trillion), plus more than six times the world’s yearly GDP.
Shiba Inu has to reach the $1 cap what must happen?
Faced with an oversupply of Shiba Inu tokens, it has been advocated that a large coin burn, or series of burns, be performed so that as supply decreases, price rises.
Companies specialized in crypto entertainment, such as Bigger Entertainment, have previously conducted burns, such as the one last Valentine’s Day, which was 370 million Shiba Inu tokens, but this is insufficient.
Another vital method for increasing the value of this cryptocurrency is to significantly reduce the quantity of these tokens, preventing the market value from soaring.