Shiba Inu: Can SHIB reach $0.01 in 2024?

Shiba Inu (SHIB) is having a down year in 2023. While other crypto assets like Bitcoin (BTC) and Solana (SOL) are up more than 100% since January 2023, SHIB is down about 3%. Even after the highly anticipated launch of Shibarium, the price of memecoin did not increase significantly. Although the coin recovered somewhat in October, it has yet to break above the $0.000008 resistance level.

However, many expect Shiba Inu (SHIB) to pick up the pace in 2024. Many market analysts expect another cryptocurrency market bull run to occur early next year, and if that happens, SHIB could reach new highs. However, can memecoin realize its “1-cent dream”? Let's take a look. If you want to know more about the currency circle and first-hand cutting-edge information, please feel free to consult me: HTXD928. We have the most professional community and publish market analysis and high-quality potential currency recommendations every day. "

Can the Shiba Inu hit $0.01 in 2024?

If the price of SHIB reaches $0.01, its market cap will surge to around $5.89 trillion, as there are 589 trillion SHIB tokens in circulation. This number is unlikely, as its market capitalization would exceed that of many large economies. For example, France's GDP (Gross Domestic Product) is approximately $3.8 trillion. If SHIB reaches $0.01, the project will be richer than France in some ways.

So, in reality, SHIB would have to significantly reduce its circulating supply in order to reach a more achievable market cap while still being priced at $0.01. The Shiba Inu (SHIB) team has hinted that they are working on a new burning mechanism that is rumored to destroy trillions of tokens every year. If such a burn portal were launched, SHIB could see a sudden reduction in supply, causing prices to rise. However, we don’t know when the team plans to launch the new burning mechanism, nor how it will burn tokens.

Nonetheless, SHIB’s chances of realizing the “penny dream” in 2024 are very slim. This achievement may be achieved at a later date, but 2024 seems too early for the project to be realized.