In 2023, Shiba Inu (SHIB) faces a subdued performance, with a modest 8% increase since January despite a notable layer-2 network launch. In contrast, Bitcoin (BTC) soared by over 100%, and Solana (SOL) surged by 400%. Investors and enthusiasts anticipate SHIB hitting the elusive $1 mark, but the path is far from straightforward.
Achieving a $1 price would necessitate an 11,350,637% growth from current levels, resulting in a colossal market cap of $589 trillion, surpassing the economies of numerous countries. Previous substantial growth was linked to a massive burn initiated by Ethereum co-founder Vitalik Buterin, who burned 90% of the SHIB supply he received at launch.
For SHIB to reach $1, a reduction in circulating supply is imperative. The team is reportedly developing a new burn mechanism, speculated to remove trillions of tokens annually, aiming to eliminate zeros from the price.
Telegaon suggests a potential $1 valuation for SHIB around 2050, a timeline spanning twenty-six years. Such a lengthy wait could test investors' patience, raising questions about the feasibility of holding onto SHIB for that duration.
