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The 1 cent Shiba Dream seems like the target for most coin investors. However, is it realistic? Shiba is currently trading at an average of $0.00001 per coin. Clearly, this is still very far from the 1 cent level.
Some argue that it is too early to predict the future of cryptocurrencies let alone that of Shiba Inu. However, based on the past performances and the ongoing coin developments, we can try to make some predictions.
Shiba Inu coin price movements
One of the key factors why Shiba is so unpredictable is its volatility. It has some of the highest price movements in this market in both directions. Currently, it is trading 80% lower than its all-time high last year.
Another example is when the coin rose over 500% within a week to hit the all-time high. This shows a coin that can achieve heights not thought of before. Some analysts argue the 1 cent height is too high. But is it?
The goal right now is to see whether the coin will manage to get back to its ATH in the near term. With the market currently consolidating, getting back to the ATH also seems a challenge in the near future.
It is also key to note that the whole crypto market is suffering from massive selloffs. Only a drastic change in both macro and micro conditions can get the buying momentum back. A situation that could drag on for months and even years.
Shiba Inu coin burning
The price in such a market will always be a factor of demand and supply. Shiba’s current supply level is highly mentioned as among the major barriers to achieving the 1 cent Shiba dream.
549 trillion coins are currently in circulation. Although it is a major drawdown from the initial launch volume of 1 quadrillion, it is still such a huge number that pushing it to the 1 cent levels remains almost an impossibility.
However, all is not lost as Shiba developers are working to expand coin-burning mechanisms that will help accelerate the burning process. Some of the steps currently in place include the creation of a coin-burning portal on shibaswap and the ongoing development of shibarium.
Is the 1 Cent Shiba Dream Realistic?
There is still no conclusive answer to this. However, some of the actions taking place give some hope that in the very long term, this could happen. Crypto markets are still young and their growth will also depend on some key elements such as the regulatory regime and value creation.