1. Shiba Inu needs a 13,000% price surge to hit $0.001.
2. The SHIB Army believes token burns will bring the price up there.
3. SHIB’s community and team shows strong dedication to the project bringing high hopes.

Shiba Inu (SHIB) holders are eagerly anticipating a significant increase in the token’s price, particularly aiming for the $0.001 price point. However, achieving this milestone faces challenges considering the circulating supply of SHIB and other crucial factors.

Initially launched as a meme token with no substantial use case, the developers of Shiba Inu have been working on building use cases for the token through various ecosystem projects. Additionally, SHIB has been integrated as a payment method in several prominent businesses, increasing its adoption and attracting investor interest. However, these efforts have not yet propelled the crypto asset to a new all-time high.

To reach the desired price target of $0.001, SHIB would need to eliminate three zeros from its current price of $0.00000760, requiring a surge of up to 13,000%. This surge would necessitate a significant inflow of funds or a substantial number of token burns, which seems highly unlikely.

One key factor hindering SHIB’s price increase is its hyperinflated token supply. With a circulating supply of approximately 579 trillion tokens and a total supply of 589 trillion tokens, the market capitalization of SHIB would skyrocket to $579 billion if it were to reach a price of $0.001. This renders the $0.001 SHIB price target ambiguous.

The SHIB Army community believes that token burns could help boost the value of SHIB. By reducing the circulating supply, burns would decrease the funds or investments required to push SHIB to the coveted $0.001 price point.

Currently, the community has burned approximately 410.65 trillion SHIB tokens, but this is insufficient to propel SHIB’s price to $0.001. Notably, Ethereum creator Vitalik Buterin was responsible for most of the burns, destroying 410 trillion tokens in a single transaction.

To further increase SHIB’s price, more substantial burns and the development of additional use cases are needed to attract more investors and whales to the meme token. The SHIB team and community has shown incredible dedication to the project. Now, SHIB is no longer considered a memetoken and will soon even move to its own mainnet.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

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