As a crypto investor with some experience in analyzing the market, I agree with Oscar Ramos that Shiba Inu’s current supply makes it unlikely for the price to go above $0.01 this cycle. The massive circulating supply of over 589 trillion SHIB tokens is a significant barrier that needs to be addressed before we can see any substantial price increase.
Expert Oscar Ramas has shared his perspective on why he thinks the Shiba Inu coin’s price may not surpass $0.01 during this market cycle, despite hinting that it could potentially reach $0.5 down the line.
Why Shiba Inu Can’t Go Above $0.01
In a recent post on X (previously known as Twitter), Ramos expressed his belief that Shiba Inu’s price won’t surpass $0.01 due to its extensive circulating supply of approximately 589 trillion coins, based on CoinMarketCap data. Simultaneously, he presented a prediction graph from Telegaon’s price forecast platform, depicting Shiba Inu potentially hitting $0.5 by 2040.
As a researcher studying the cryptocurrency market, I’ve discovered that Shiba Inu’s circulating supply plays a pivotal role in determining its price. The Shiba Inu team is well aware of this dynamic and has actively implemented token burns to decrease the amount of SHIB tokens in circulation. According to Shiba Inu’s burn tracker, we would need a circulating supply of over 85 billion tokens for the coin to potentially reach a price of $0.01, as predicted by Ramos.
Approximately 80% of Shiba Inu’s current coin supply remains uneventually burned in order for the meme currency to reach its price goal as set by Ramos. Jeff, a well-known Crypto YouTuber, had earlier expressed skepticism about this possibility, estimating that it would take more than a million years for Shiba Inu’s circulating supply to shrink down to 100 billion tokens.
Without a doubt, the Shiba Inu team has put significant work into decreasing the number of SHIB coins in circulation. Approximately 76 billion tokens were incinerated in 2023, and the previous year saw 83 billion being burned. The coin’s price surge since then indicates that these efforts have been fruitful.
Although it may be a stretch to imagine burning 80% of Shiba Inu’s current supply, the rate of SHIB token burns is projected to rise dramatically. This growth can primarily be attributed to advancements such as layer-2 network Shibarium, which utilizes a portion of transaction fees generated for SHIB token burns. Consequently, the frequency of token burns will escalate as more people adopt Shibarium.
SHIB Can At Least Rise To $0.011
As a cryptocurrency investor, I’ve closely followed the analysis of Ali Martinez, and based on his insights, I believe Shiba Inu could experience a significant price surge from its current level, potentially reaching $0.011. Other crypto analysts share this bullish outlook for Shiba Inu, although they haven’t set such a high target as Martinez has.
Expert’s take: Crypto analyst Armando Pantoja foresaw Shiba Inu reaching a value of $0.001, asserting this would occur post-Bitcoin halving. Similarly, Ramos expresses his bullish stance on SHIB during this rally, believing it could eliminate another zero from its present price and climb up to $0.0001.
Currently, the price of Shiba Inu is approximately $0.00002603 based on the most recent market data from CoinMarketCap, representing a 2% increase over the past 24 hours.
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2024-05-22 23:10