The Shiba Inu coin (SHIB), a meme-inspired cryptocurrency, has been the focus of much attention and investment over the past few years. This is owing to its early success and dedicated fanbase. The $0.01 mark has been seen as a potential target for the token, but this may be too ambitious.
This article will discuss the issues that the Shiba Inu token faces in reaching $0.01 and higher, such as the lack of utility and use cases, as well as a huge total supply and a very competitive market.
Many early investors have profited significantly from the cryptocurrency’s growth, yet the challenges that Shiba Inu faces in hitting the $0.01 mark should not be undervalued.
The Battle of Scaling
One of the major challenges for the Shiba Inu token is scaling. While its market capitalization has risen substantially, its transaction volume has not kept up. This could be a major obstacle to the cryptocurrency’s long-term success.
The token’s huge circulating supply of 589 trillion tokens is another hurdle to surmount. With so many tokens in circulation, the potential for dilution is considerable, which could see the token’s value decrease over time.
What is The Shib Army?
The Shib Army is a network of passionate investors with a shared goal of seeing the Shiba Inu coin succeed. The Shib Army has been promoting the cryptocurrency and helping to create real-world applications and partnerships, which has been a vital factor in its growth. The community is an international group of people who are all invested in the success of the Shiba Inu token.
The Shib Army’s Initiatives
In spite of the challenges, the Shib Army remains confident that the Shiba Inu token has a bright long-term future. The community has been making great strides in creating real-world use cases and partnerships, as well as charitable causes, all of which have helped to shape the Shiba Inu token as something more than a speculative investment.
The Shib Army has launched a variety of projects, such as a decentralized platform, a platform for NFTs, and an online payment gateway. These are all evidence of their commitment to adding more value than speculation. Furthermore, the Shib Army’s charitable arm, the Shiba Inu Rescue Association, has helped to garner positive attention for the token, which could lead to increased adoption. All of this has raised expectations that the value of SHIB will increase.
The Shiba Inu Dollar Dream
The Shiba Inu token is thought to have the potential to reach $0.01 and even $1 in value. However, even $0.01 is an ambitious goal. The cryptocurrency is still in its early days, and its lack of scalability and competition from other coins are major obstacles to overcome.
The Shib Army’s efforts to create real-world use cases and partnerships, as well as its commitment to charitable causes, has helped to establish the Shiba Inu token as more than a speculative investment. Despite the difficulties, the Shiba Inu community remains confident about the token’s future prospects.
At present, the Shiba Inu Coin is trading at a price of $0.000013, with a market capitalization of approximately $7.5 billion. To reach $0.01, the SHIB token would have to experience a growth of 1,000 in its market capitalization, which is a difficult feat to achieve. To put it into perspective, the biggest cryptocurrency, Bitcoin, has a market capitalization of $468 billion, and even if SHIB were to exceed $46 billion in market capitalization, it would still only represent 10% of Bitcoin’s size.
So what other strategies can be used to raise the price of SHIB? Burning tokens is a popular technique for some cryptocurrencies, but it does not offer a long-term solution for the coin’s growth. Burning tokens may reduce the supply and temporarily increase the value, but it does not add any utility or use cases to the cryptocurrency, and can have a negative impact on its value in the long run.
The burning of 83 billion SHIB tokens has had a slight impact on its value, representing a mere 0.015% of its market capitalization. Furthermore, burning too much token can limit the resources available for development and innovation, and could lead to a decrease in the coin’s value over time.
In conclusion, burning tokens can be effective in the short-term, but it is not a viable solution for long-term growth. The major challenges that SHIB faces are its lack of utility and use cases, high total supply, and the competitive nature of the market. If SHIB is to become a viable alternative financial system, these issues must be addressed.
