News
Shiba Inu Price Can’t Reach $0.01, Crypto Expert Reveals Why
Crypto analyst Oscar Ramos explained why he doesn’t believe the Shiba Inu price can exceed $0.01 this cycle. He made this statement alluding to the possibility of memetic currency reaching $0.5 in the future.
Because Shiba Inu can’t exceed $0.01
Ramos mentioned in an X (ex Twitter) send that Shiba Inu cannot exceed $0.01 due to its current supply of over 589 trillion, according to data from CoinMarketCap. The crypto analyst made this observation by sharing a prediction chart of the Telegaon price prediction websitewhich showed that Shiba Inu could reach $0.50 in 2040.
In fact, the Shiba Inu’s circulating supply has a significant impact on its price, which is why Shiba Inu team has made a conscious effort to reduce the amount of SHIB tokens in circulation through regular the token burns. The Shiba Inu burn tracker had previously noted that the Shiba Inu’s circulating supply would have to be just over $85 billion for its price to even reach $0.01, as Ramos predicts.
This means that nearly 80% of the circulating supply of Shiba Inu still needs to be burned for the meme coin to reach Ramos’ price target. Jeff, the crypto YouTuber, had previously suggested that it was almost impossible for Shiba Inu to burn through so much of his circulating supply, stating that it would take more than 1 million years for the circulating supply of Shiba Inu to reduce to 100 billion tokens.
However, there is no doubt that the Shiba Inu team still made great efforts to reduce the circulating supply of the meme coin. Over 76 billion SHIB tokens they were burned in 2023, while the previous year 83 billion were burned. Seeing how the price of the Shiba Inu has increased compared to last year, these efforts are paying off.
While burning 80% of the Shiba Inu’s circulating supply still seems like a far-fetched goal, SHIB token burns they are expected to increase exponentially, especially thanks to innovations such as the Shibarium layer 2 network, which uses part of the transaction fees earned for SHIB burns. Therefore, the number of token burns performed will increase as and when Shibarium enjoys greater adoption.
SHIB can at least rise to $0.011
Crypto analyst Ali Martinez had done so previously expected that Shiba Inu could make a historic run from its current price level and rise to as high as $0.011. Other cryptocurrency analysts have also provided bullish price predictions for Shiba Inu, although not as bullish as Martinez’s.
Crypto analyst Armando Pantoja expected that Shiba Inu could reach $0.001 and even stated that this would happen later Bitcoin halving. Ramos also provided his bullish forecast for SHIB this bull runlike him predicts that the meme coin can lose another zero from its current price and rise to $0.0001.
At the time of writing, Shiba Inu is trading at around $0.00002603, up more than 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com