While reaching an ambitious $0.001 target may be challenging, these five key factors could play a key role in driving Shiv towards that milestone.
Shiba Inu has been performing incrediblely since its launch in August 2020. Data from CoinMarketCap shows that the token has skyrocketed 15,071,035% from the lowest price of $0.0000008165 to 0.00001231.
$0.001 forecast
Despite the surprising rally, many analysts believe there is still room for growth in Mao Shiba Inu, and project the rally onto an ambitious $0.001 price target. Analysts with this bullish projection include Luckside Crypto, the Sheriff and the blockchain analytics platform Coinpedia Markets.
Coinpedia Markets also states that as an Ethereum-based token, Shiba Inu is expected to benefit from the influx into Spot ETH ETFs. According to its analysis, such influx could drive Shiv to a new all-time high of $0.001679.
Shiba Inu Pass is $0.001
To reach the $0.001 milestone, Shiba Inu will need to collect 8,023% from its current price of 0.00001231. In the meantime, the ambitious target price of $0.001 remains a topic of interest among investors and enthusiasts.
Analysts such as Luckside consider the $0.001 target to be Atainable, but they argue that Shiba Inu’s huge token supply is still a major barrier.
With around 589 trillion tokens being supplied, Shiba Inu would rise to $589 billion if the $0.001 target is realized. This estimated valuation exceeds the current market capitalization of Ethereum, at $519 billion.
Five supply reduction technologies to push Shib price to 0.001
In particular, skeptics believe that the only way to achieve this goal is through massive, sustained token burns. Such efforts are expected to significantly reduce supply and could raise the token price to a higher target, such as $0.001.
As a result, we highlighted five ways to strengthen Shiv’s burns and help bring your assets closer to their $0.001 goal.
Shibarium Auto Burns
In addition to offering faster and lower cost transactions, Shibarium also supports Shiba Inu’s burn campaign. The L2 blockchain, launched in August 2023 at Ethereum, allocates a portion of the transaction fee to burn SHIB. Since its introduction, over 50 billion shibu has been removed from distribution via this method.
However, the amount of shybarium burning depends on the transaction volume. The more active it is, the more the number of waveforms can be removed from the circulation.
Payment Gateway Burning
Several crypto payment providers, including BitPay, have integrated Shiba Inu into the platform, allowing customers to use tokens to pay for goods and services. The widespread adoption of Shiba Inu as a payment method could also support the Token’s Burn campaign.
Merchants and payment providers can implement the ability to automatically burn 1% of all transactions paid with SHIB. This contributes to the ability to reduce the large supply of tokens and raise the price to $0.001.
NFT-driven shibu combustion
Another initiative that can bolster Shib Burn and help tokens reach the $0.001 price milestone is to integrate automatic burning mechanisms into Shiba Inu-themed NFTs, including Shiboshi and Sheboshi.
With this feature in place, all the mints or trades in Shiba INU-themed NFTS can automatically trigger Shib burns and pave the way for a rally to perhaps $0.001.
Replace burn support
Listing Shiba Inu Crypto Exchange can also support Burn campaigns, bringing your $0.001 dream closer to reality. Exchanges for Binance, Coinbase, Kraken and others can be joined by launching regular Shib Burns related to trading volume.
This could require an exchange to impose a certain tax on Shiba Inu transactions. The exchange then incinerates the tax by converting it into a shib and sending it to the official dead wallet.
Community-driven burns
This method requires the community to voluntarily burn the shiv by sending some of its possessions to a dead wallet. The community is actively involved in burn campaigns, but participation can accelerate when token holders receive the burning sib incentive.
Interestingly, the Karma Resporting system currently in beta aims to reward community members with experience points (XP) engaged in other ecosystem activities.
Reaching the $0.001 target is not a small feat, but combining the five factors above can create significant deflationary pressure and drive tokens into substantial gatherings. Nevertheless, investors should not consider this as financial advice.
