Oscar Ramos, a crypto expert, is skeptical that the Shiba Inu’s price will go above $0.01 in this market cycle. However, he does think the meme coin could go up to $0.5 in the future.
According to data shared by CoinMarketCap in an X (formerly Twitter) post, Ramos said that Shiba Inu’s large supply—more than 589 trillion tokens—was stopping it from hitting $0.01.
Shiba Inu’s price is affected by the number of tokens in circulation, which is why the project team is working to lower the number of SHIB tokens in circulation by burning them regularly.
Ramos said that the number of tokens in circulation would have to drop to just over 85 billion for SHIB to reach his $0.01 goal. To reach Ramos’ price goal, this means that almost 80% of the Shiba Inu that are currently on the market needs to be taken out.
But crypto YouTuber Jeff did not believe an enormous drop was possible. He said it would take more than a million years for SHIB common supply to drop to 100 billion tokens.
Shiba Inu’s Circulating Supply
Despite the enormous challenge, the Shiba Inu team has burned more than 76 billion SHIB tokens in 2023 and 83 billion the year before. This is in line with the fact that SHIB’s price has increased since the year before.
Efforts to lower the number of Shiba Inus in circulation will likely strengthen, especially with new technologies like the layer-2 network Shibarium, which uses transaction fees for SHIB burns. This means that as Shibarium becomes more popular, token burns are likely to happen more often.
Ali Martinez, a crypto expert, believes that SHIB could increase. He thinks it could go as high as $0.011 from where it is now. In the same way, expert Armando Pantoja thinks that SHIB will be worth $0.001, especially after Bitcoin is split in half. Ramos is also optimistic about SHIB during the current bull run and thinks it will drop to $0.0001.
Shiba Inu is trading around $0.00002603, which is an increase of over 2% in the last 24 hours, according to data from CoinMarketCap.
