Shiba Inu (SHIB), the memecoin dubbed the Dogecoin Killer, has gained massive popularity since 2021. Its price reached significant levels, which allowed many investors to become billionaires.
The memecoin Shiba Inu (SHIB), also known as the Dogecoin Killer, has gained massive popularity since 2021. Many investors expect SHIB to make significant profits, while others wonder whether it will reach 1 US dollar.
In 2021, SHIB made gains of over 43,000,000%, which allowed many investors to become billionaires. Since then, the project has increased adoption and interest among the crypto community. SHIB even joined the top 10 cryptocurrencies in the market.
The launch of SHIB occurred in 2020 when it reached its all-time low of USD 0.000000000056366. In October 2021, a few months later, it hit its current all-time high of USD 0.00008616.
Shiba Inu is trading at around USD 0.00001155 and has accumulated a 5.3% loss over the last 24 hours. Its daily trading volume is above USD 382.55 million, while its market capitalization is about USD 6.82 billion, according to CoinGecko.
The Price of SHIB Might Reach USD 1
Although SHIB made substantial profits in 2021, investors still wonder whether the price might reach USD 1.
For that to happen, it is necessary to consider data like the current total supply of 589.6 billion SHIB tokens. If the price reached USD 1 with this supply, its market capitalization should be above USD 589.6 billion.
It would become the most valuable asset worldwide, exceeding Apple by about 235x. It is relevant to remember that the latter is the company with the highest market capitalization, according to MarketCap.
As mentioned above, SHIB is trading at around USD 0.00001155, while its market capitalization is about USD 7.3 billion. Based on that information and a projected price of USD 1, the supply of the memecoin should be USD 7.3 billion.
Considering that hypothesis, Shiba Inu should reduce its supply by more than 99%. In that regard, the burning of tokens aims to reduce the circulating supply of the memecoin.
There has been a burning of 12.6 million SHIB tokens over the last 24 hours, according to data from ShibBurn. That would give a figure of about 4.59 billion tokens burned every year.
Holders Should Wait for 128 Thousand Years for SHIB to Reach USD 1
The number of tokens and the burn rate would determine how many years Shiba Inu investors would have to wait. The current data indicate they would need almost 128 thousand years for the memecoin to reach USD 1.
Many factors, such as the SHIB burn rate timing, would also influence that. However, the little encouraging forecast might cause investors to think that they cannot wait for so long.
Cryptocurrencies play a crucial role in the world economy, of which SHIB has become a part. Other relevant memecoins are Dogecoin (DOGE), Dogelon Mars (ELON), Samoyedcoin (SAMO), and MonaCoin (MONA).
By Alexander Salazar
