The potential for Shiba Inu’s price to reach $0.00018 exists if someone were to burn 410 trillion SHIB, akin to Ethereum’s Vitalik Buterin in 2021.
Shiba Inu’s price has historically been influenced by broader market trends, paralleling Bitcoin’s trajectory since its inception, witnessing both peaks and troughs. Currently, the meme coin is down 80.6% from its peak of $0.00008845.
Beyond market dynamics, Shiba Inu’s price is shaped by unique factors such as market demand and token burns. Increased demand coupled with reduced supply through burns could potentially drive Shiba Inu’s price to outperform the market.
This trend was evident in May 2021 when Vitalik Buterin burned 410 trillion SHIB tokens, equivalent to over 41% of Shiba Inu’s total supply. This burn coincided with an existing uptrend, further propelling Shiba Inu to its all-time high (ATH) of $0.00008845 in October 2021.
Considering another hypothetical burn of 410 trillion SHIB tokens, akin to Vitalik’s action, the circulating supply would significantly decrease from the current 589 trillion SHIB to approximately 179 trillion SHIB. Such a drastic reduction in supply would likely impact Shiba Inu’s price, depending on whether the market cap adjusts proportionally.
If the market cap were to increase in line with the reduced supply, potentially reaching $33.12 billion from the current $10.07 billion, and with a circulating supply of 179 trillion SHIB, Shiba Inu could potentially achieve a price of $0.000185. This represents a substantial 983% increase from its current value.
However, if the market cap remains static at $10.07 billion post-burn, the resultant price for Shiba Inu would be lower, approximately $0.0000562 with a circulating supply of 179 trillion SHIB.
Disclaimer: This article provides information and not financial advice. Opinions expressed here are personal and do not represent The Crypto Basic’s views. Readers are advised to conduct their own research before making investment decisions, as The Crypto Basic is not liable for any financial losses incurred.