Can SHIB Make it to $0.01 by 2024?
The year 2023 hasn’t been the most exciting for Shiba Inu (SHIB) compared to its crypto counterparts like Bitcoin (BTC) and Solana (SOL), which have seen significant gains. SHIB, on the other hand, has seen a modest decline of approximately 3% since the beginning of the year, even with the launch of Shibarium. While it did show some signs of life in October, it struggled to break the $0.000008 resistance level.
Despite this lackluster performance, some are holding out hope for SHIB in 2024. With many market analysts anticipating a new crypto market bull run early next year, SHIB might see new highs. But is the “1-cent dream” a realistic possibility?
If SHIB were to reach $0.01, its market cap would skyrocket to around $5.89 trillion, given the 589 trillion SHIB tokens in circulation. However, this figure seems quite unlikely, as it would surpass the market cap of some major economies. For example, France’s GDP (Gross Domestic Product) stands at approximately $3.8 trillion. If SHIB were to hit $0.01, it would essentially become wealthier than France.
In a more realistic scenario, SHIB would need to significantly reduce its circulating supply while maintaining a $0.01 price. The SHIB team has hinted at the development of a new burn mechanism that could potentially eliminate trillions of tokens annually. If this mechanism were to be implemented, it could lead to a reduction in supply and, consequently, an increase in price. However, crucial details, such as the launch date and the exact process of token burning, remain undisclosed.
In summary, the chances of SHIB realizing the “1-cent dream” in 2024 appear quite slim. While it may occur at a later date, achieving this milestone in 2024 seems challenging.
