Enthusiasts and investors of Shiba Inu (SHIB) have harbored the ambition of seeing the token’s value reach $0.01. Despite Shiba Inu experiencing a decline since its peak in October 2021, supporters remain steadfast in their pursuit of the “one-cent dream.” The token has faced challenges in maintaining its price throughout 2023, and the prospect of reaching the $0.01 threshold hinges on the project achieving specific objectives.
The Roadmap to Shiba Inu’s $0.01 Milestone
Increase in adoption:
Relying solely on burns won’t be sufficient to attain the $0.01 target, according to Shytoshi Kusama, the lead developer of Shiba Inu. Kusama emphasized the importance of increased adoption for price escalation, stating that merely burning SHIB tokens will not contribute to the asset’s value appreciation. Earlier this year, SHIB introduced its layer-2 network, Shibarium. While the launch did not significantly impact the token’s price, it has the potential to foster adoption as more applications start developing on the network.
Reduction in supply:
SHIB presently boasts a supply of approximately 589 trillion tokens. Achieving a price of $0.01 would result in an impractically massive market cap for the project. Consequently, for SHIB to reach the $0.01 milestone, a substantial reduction in its supply is imperative. One method employed for supply reduction is through burning. SHIB initiated its burn mechanism in April 2022. Despite the continuous operation of the burn portal aimed at decreasing SHIB’s supply, the impact has been relatively modest due to the slow rate of reduction.
However, there are reports indicating that SHIB is gearing up to introduce a new burn mechanism soon. This upcoming portal is anticipated to eliminate trillions of tokens from circulation annually, potentially influencing a more significant impact on the token’s overall supply.
To boost adoption, the project must engage in further innovation. Increased developmental activity on the network has the potential to attract a larger audience to SHIB. Additionally, the project’s efforts in creating a stablecoin called Shi could play a pivotal role in fostering adoption. Consequently, heightened development efforts may contribute to increased adoption, creating a positive trajectory for price escalation.