27 May 2023 14:39, UTC
Reading time: ~2 m
Investors would need to commit over $800 in order to rake in a million dollars should Shiba Inu (SHIB) eventually hit the much-coveted $0.01 price threshold.
Shiba Inu (SHIB) has been caught in a bearish storm, as the ongoing market-wide turmoil and the asset’s extensive supply have impeded another rally similar to what was observed in 2021. However, some proponents have continued to hope for a surge to $0.001 or even $0.01 in the foreseeable future.
Most investors anticipating this price surge are looking to make up for the opportunity lost during the previous life-changing rally. Per data from CoinGecko, SHIB rallied from $0.000000010983 in February 2021 to $0.00008190 in October of the same year, marking a 745,597% increase within eight months. This turned a $134 investment into $1 million.
Investors hopeful of another opportunity to rake in such an impressive return on investment (ROI) continue anticipating a similar price surge. The asset would need to delete three to four more zeros from its current price to stage such an impressive rally this time. But how much would an investor need to invest to make $1 million? Should this occur?
Shiba Inu is currently trading for $0.00000854. To attain a price of $0.01, the asset would need to surge by 1,169x. If SHIB can pull off such a feat, an investor would need to invest a little above $855.4 at this point to rake in $1 million. Similarly, one would need $8,554 to make $1 million if the asset can only hit $0.001.
Can Shiba Inu Attain This?
However, the important question is whether the asset can carry out such a rally, given its current position and the extensive circulating supply. Shiba Inu’s previous life-changing rally was majorly propelled by the incineration of 410 trillion tokens carried out by Vitalik Buterin in May 2021.
The asset’s current supply makes a rally to $0.01 impossible. Consequently, the Shiba Inu community has championed several initiatives to reduce the circulating supply. Independent projects within the community, such as Blaze Token and Koyo Token, have also contributed immensely to the burn initiative.
With all hands on deck to address the asset’s supply problem, the community is looking to welcome projects such as Shibarium, ShibaSwap 2.0, and Shiba Inu Metaverse which should assist in introducing more utility to the ecosystem and bolster burns.
If the adoption rates of these projects are significantly high, the asset’s circulating supply of 574.8 trillion could be drastically reduced. This might give SHIB a chance to aim for $0.001 or $0.01. However, it is important to note that this should not be considered financial advice, as the asset’s price trajectory can never be accurately predicted.
Read the full article here