Hitting the long-awaited $0.01 remains an enormously difficult task for meme coin Shiba Inu (SHIB), given its circulating supply topping $589 trillion. However, proponents believe three key catalysts emerging could pave the way for this milestone.
Accelerating Token Burns
It’s widely known that drastic cuts to circulation are essential for SHIB to approach one cent reasonably. So far, 410.7 trillion tokens have been burned–predominantly the 410 trillion Ethereum’s Vitalik Buterin destroyed in 2021 after receiving them from developers.
Buterin’s historic burn preceded SHIB’s all-time high. Similar impacts could come from ambitious incineration initiatives.
As burns compound and more projects contribute, the trillion+ figures required to move the needle are feasible long-term. If enough zeros knock off the total supply, upward price pressure becomes inevitable.
Also read: Ripple (XRP) Faces Resistance at $0.60, But Analysts Expect 20% Surge
Expanding Ecosystem Development
Aside from scarcity, positive ecosystem growth, and new adoption could also propel Shiba Inu toward its dollar goal. As the team releases exciting project updates, investor interest, and token demand tend to accelerate across retail and institutions.
Major endorsements from influential crypto figures or companies could similarly bolster SHIB’s credibility and ignite acute FOMO among prospective buyers.
Even meme coin Dogecoin has gained support from personalities like Elon Musk and Mark Cuban. If Shiba Inu sees similar high-profile backing, it may change its trajectory.
Also read: Shiba Inu: How Many Tokens You Need To Make $5M, $10M If SHIB Hits $0.00789?
2024’s Bull Market
History shows crypto bull runs reach their greatest intensity around Bitcoin’s halving events. With the next halving slated for April 2024, anticipation is already building for fresh market peaks. While SHIB may never reach $0.01 in an impulse wave during this run, sizable gains could bring it measurably closer.
When the last bull market mania unfolded in 2021 amidst the previous halving cycle, SHIB exploded to highs of $0.00008845. While 85x lower than one cent, it shows the potential impact of FOMO when sentiment shifts. If buy volumes overwhelm sales next cycle, SHIB could erase multiple zeroes again.
Forecasters like Changelly expect these catalysts to propel SHIB to $0.01059894 at best by 2050. Hitting this would require a monumental 108,000% gain from today’s $0.00000982 price. However, growing momentum on token burns, adoption, and crypto uptrends suggests the foundations are building toward that goal gradually.
