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Shiba Inu Price Can’t Reach $0.01, Crypto Pundit Reveals Why

Crypto analyst Oscar Ramos has outlined why he doesn’t consider the Shiba Inu worth can go above $0.01 this cycle. He made this assertion whereas alluding to the potential for the meme coin reaching $0.5 in some unspecified time in the future sooner or later. 

Why Shiba Inu Can’t Go Above $0.01

Ramos talked about in an X (previously Twitter) post that Shiba Inu can’t go above $0.01 due to its present provide of over 589 trillion, in response to data from CoinMarketCap. The crypto analyst made this comment whereas sharing a prediction chart from the worth prediction web site Telegaon, which confirmed that Shiba Inu might attain $0.5 in 2040.

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Supply: Telegoan

 

Certainly, Shiba Inu’s circulating provide considerably impacts its worth, which is why the Shiba Inu team has made a acutely aware effort to cut back the quantity of SHIB tokens in circulation by way of common token burns. Shiba Inu’s burn tracker had beforehand famous that Shiba Inu’s circulating provide would have to be simply over 85 billion for its worth to even attain $0.01, as Ramos predicts.  

Meaning virtually 80% of Shiba Inu’s circulating provide nonetheless must be burned for the meme coin to realize Ramos’ worth goal. Crypto YouTuber Jeff had previously suggested that it was virtually not possible for Shiba Inu to burn that a lot of its circulating provide, stating that it will take over 1 million years for Shiba Inu’s circulating provide to cut back to 100 billion tokens. 

Nonetheless, there is no such thing as a doubt that the Shiba Inu group has nonetheless made nice efforts to cut back the meme coin’s circulating provide. Over 76 billion SHIB tokens were burned in 2023, whereas 83 billion had been burned the earlier yr. Seeing how Shiba Inu’s worth has elevated since final yr, these efforts are paying off. 

Whereas burning 80% of Shiba Inu’s circulating provide nonetheless looks like a far-fetched objective, SHIB token burns are anticipated to extend exponentially, particularly due to improvements like layer-2 community Shibarium, which makes use of among the transaction charges earned for SHIB burns. Due to this fact, the variety of token burns carried out will improve as Shibarium enjoys more adoption

SHIB Can At Least Rise To $0.011

Crypto analyst Ali Martinez had previously predicted that Shiba Inu might make a historic run from its present worth degree and rise to as excessive as $0.011. Different crypto analysts have additionally given bullish worth predictions for Shiba Inu, though not as bullish as Martinez’s. 

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Crypto analyst Armando Pantoja predicted that Shiba Inu might attain $0.001 and even claimed this may occur after the Bitcoin halving. Ramos has additionally given his bullish prediction for SHIB in this bull run, as he predicts that the meme coin can shed one other zero from its present worth and rise to $0.0001. 

On the time of writing, Shiba Inu is buying and selling at round $0.00002603, up over 2% within the final 24 hours, in response to data from CoinMarketCap.

Shiba Inu price chart from Tradingview.com
SHIB worth drops amid market fluctuations | Supply: SHIBUSDT on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com

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