Shiba Inu's Path to $1 a Token: A 128,000-Year Journey
The crypto market has been in a bear market since late last year, but recent gains have some investors wondering if meme coin Shiba Inu (SHIB) can reach $1 during the next bull market.
Shiba Inu's price has plummeted to 94% below its 2021 peak of $0.00005 per token, when it delivered a mind-boggling return of 45,278,000%. However, adoption remains a weak point for the coin, with no demand in the real world and only 1,219 businesses globally accepting it as payment.
The lack of organic demand is compounded by Shiba Inu's massive supply of over 589.2 trillion tokens in circulation, making a $1 price per token seem impossible. Burning tokens to reduce supply has been proposed, but at an annualized rate of 4.6 billion tokens burned in August, it would take 128,000 years to reach the required level.