SHIB can reach $1 if the following happens
SHIB fans and investors have long been expecting the price of this asset to delete a few zeros and break the $1 mark. However, this popular meme coin has been on a downward trajectory since reaching an all-time high of $0.00008616 in October 2021. SHIB is currently down more than 89% from its 2021 high.
Despite the downturn in 2022 and 2023, SHIB fans continue to support the asset. The loyal community is one of SHIB's greatest strengths. A strong community is a positive sign for the project's future growth.
How did SHIB reach $1?
The huge supply of SHIB is one of the biggest obstacles for its price to reach $1. The project's current circulating supply is about 589 trillion. If the asset reaches $1, the market capitalization of the project will reach 589 trillion, a very unrealistic number.
For comparison, the world’s two largest companies, Apple and Microsoft, have a combined market cap of about $5.7 trillion. If SHIB were to reach $1 with its current supply, it would be 100 times larger than the combined market cap of Apple and Microsoft.
Therefore, the supply of SHIB must be reduced significantly in order for its price to reach $1. The project must destroy 99.999% of the supply to make the price of SHIB reach $1.
The SHIB team revealed that the Shibarium network will be automatically destroyed starting January 2024. In addition, the team is developing a new destruction mechanism that is rumored to destroy trillions of tokens each year.
However, even if the new destruction mechanism destroys 1 trillion tokens per month, it will take a long time for the project to destroy 99.999% of its supply. SHIB must conduct an operation similar to Vitalik Buterin's destruction of SHIB in 2021.
Buterin received half of SHIB’s supply when the token was launched in 2020. Buterin decided to destroy 90% of the tokens he received. Buterin’s decision greatly contributed to SHIB’s surge in 2021.#SHIB
