Here’s What Can Take Shiba Inu To $0.01?

This article highlights the factors that could put Shiba Inu on the path to reaching $0.01.

The huge supply of Shiba Inu makes it difficult for enthusiasts to see the cryptocurrency reach $0.01 anytime soon. However, this doubt does not rule out the possibility that the Shiba Inu may reach the milestone in its lifetime.

Since Shiba Inu rallied millions of percent to an all-time high (ATH) of $0.000086, the cryptocurrency has struggled to ignite the same spark recently due to political and economic events. In accordance data from Coingecko, SHIB is trading around $0.00001090, down 87.35% from its peak value. Before we go any further, let’s look at a brief history of the Shiba Inu.

The story of the Shiba Inu

Launched in August 2020 by pseudonymous developer Ryoshi, SHIB is an Ethereum-based (ERC-20) token featuring the popular Shiba Inu dog breed. The crypto-asset started as a meme coin and an alternative to Dogecoin, giving it the title “DOGE Killer”.

Interestingly, Shiba Inu has continued to roll out significant updates to earn its place among the list of utility cryptoassets.

Can Shiba Inu Reach $0.01?

With the current performance of the Shiba Inu, many may consider it an unreasonable fantasy for the price to reach the $0.01 mark. However, the meteoric rise of Shiba Inu has made it clear that anything is possible in the cryptocurrency space. Shiba Inu, which plunged to an all-time low (ATL) of $0.000000000056366 on November 28, 2020, rose to a high of $0.000086 in less than a year.

Increases the Shiba Inu’s market value

Getting Shiba Inu to reach $0.01 would require the cryptocurrency to have an astronomical market cap in the trillions of dollars. At the time of writing this line, the Shiba Inu has a market value of $6.4 billion. With its current circulating supply of nearly 589.36 trillion, a price of $0.01 would require a market cap of more than $5.89 trillion. This is more than the market cap of Bitcoin (BTC), which currently stands at $539 billion.

– Advertisement –

Aside from boosting Shiba Inu’s market cap to a whopping $5.89 trillion, there are other ways the cryptocurrency could rise to one cent.

How can Shiba Inu price reach $0.01?

In this section, TheCryptoBasic highlights how Shiba Inu can rise to $0.01.

High demand

Shiba Inu enjoyed its fair share of demands from investors in 2021, pushing the price to $0.000086. However, the demands it received fell quickly. Investors’ appetite for crypto-assets plunged due to political and economic events, especially ongoing actions by the Feds cracking down on crypto following the collapse of FTX.

Meanwhile, the Shiba Inu whales have not given up on the collection of Shiba Inu tokens. Last month two large whales bought 1 trillion tokens in two transactions.

While these transactions are commendable, it would take more trading activity to hit the $0.01 mark. Shiba Inu needs new rounds of traders and investors, just like in 2021. The entry of new investors will increase the token’s trading volume across exchanges and contribute significantly to its price.

Global mass adoption

Another important factor that could put Shiba Inu on the path to $0.01 is the widespread use of the token as a form of payment. Shiba Inu has had a good run in terms of adoption as a payment method. Companies including BitPay, Binance and CoinGate have championed initiatives to increase the use of cryptocurrency in payments.

These companies have added support for cryptoassets, allowing people to pay for goods and services using the asset class. Today, Shiba Inu can be used to buy goods from online stores, pay wagesbuy real estate etc.

Although Shiba Inu has been successful in its use as a payment method over the years, there still needs to be more use of the token in the payment industry. If more top merchants accept Shiba Inu payments, the price may increase towards $0.01.

Burn

Another way Shiba Inu can reach the $0.01 mark is when a massive portion of the token’s supply is reduced via combustion. The community is already playing a significant role in reducing the token’s supply. However, these efforts have not yielded much result.

For Shiba Inu to rise to $0.01 via burns at the current price of $0.00001090 and a market cap of $6.4 billion, around 588.2 trillion tokens must be burned.

In particular, Shiba Inu is among the top cryptocurrencies that started burning a portion of its supply at an early stage. In accordance data from ShibBurn, a total of 410,630,138,380,883 (410.63 trillion) SHIB tokens have been burned from the total supply of 1 quadrillion.

Members of the community carry out these cremations via various initiatives. Earlier this week, society burned 1.07 billion in one week. Aside from the community, other third parties, such as Steven Cooper’s Bigger Entertainment, ShibBurn, and small business Koyo Token, have also played a major role in SHIB’s burn. Koyo surprised the Shiba Inu’s community members with combustion 6.1 billion SHIB in March alone. While these SHIB transitions are necessary, more burns are still needed to further reduce the token’s supply.

Shibarium

Shibarium is the Shiba Inu’s layer-2 network. Blockchain has been tipped to roll out a number of features that could help boost SHIB’s price to one cent. The most important function Shibarium is tipped roll out is a dedicated burning portal which will burn SHIB through every transaction in the network.

The team did not hint at how many SHIBs will be burned via the portal. However, the number of tokens Shibarium can burn will depend on its usage. As more crypto projects adopt the protocol, the more tokens the protocol will burn, and vice versa.

Meanwhile, if Shibarium can match Polygon in terms of scalability, operability and security, which promised, it will not be difficult to attract decentralized application developers. Interestingly, the team has launched Shibarium’s test network, Puppynet, which has registered large growth in network activities shortly.

Conclusion

The main way Shiba Inu can achieve $0.01 is by destroying a large part of the supply or pushing the asset’s mainstream adoption, especially in the payments sector, and luring new investors to buy the token.

SHIB can reach $0.01. However, the goal will require a lot of work from everyone associated with the crypto project, including community members. Here’s What Can Take Shiba Inu To $0.01?

– Advertisement –