SHIB can reach $1 if:SHIB fans and investors have long been waiting for the asset’s price to delete a few zeros and cross the $1 mark. However, the popular meme coin has been on a downward trajectory after reaching an all-time high of $0.00008616 in October 2021. SHIB is currently down more than 89% from its 2021 highs.Despite lackluster performance in 2022 and 2023, SHIB fans continue to support the asset. The loyal community is one of SHIB's greatest strengths. A strong community is a positive sign of a project's future growth.
How does SHIB reach $1?
SHIB’s huge supply is one of the biggest obstacles to its price reaching $1. The current circulating supply of the project is approximately 589 trillion. If the asset reaches $1, the market value of the project will reach $589 trillion, a very unrealistic number.
For comparison, the world's two largest companies, Apple and Microsoft, have a combined market value of approximately $5.7 trillion. If SHIB reached $1 with current supply, it would be 100 times larger than the combined market capitalization of Apple and Microsoft.
Therefore, the supply of SHIB must be significantly reduced in order for its price to reach $1. The project must destroy 99.999% of the supply to bring the price of SHIB to $1.
The SHIB team revealed that the Shibarium network will be automatically destroyed starting in January 2024. In addition, the team is developing a new burning mechanism that is rumored to destroy trillions of tokens every year.
However, even if the new burning mechanism destroys 1 trillion tokens per month, it will take the project a long time to destroy 99.999% of its supply. SHIB must do something similar to what Vitalik Buterin did to destroy SHIB in 2021.
Buterin received half of SHIB’s supply when the coin launched in 2020. Buterin decided to destroy 90% of the tokens he received. Buterin’s decision greatly contributed to SHIB’s surge in 2021.#SHIB
