Cryptocurrency exchange Changelly has predicted when the price of the Shiba Inu it could eliminate three extra zeros and reach $0.01. Based on the forecast, the leading meme coin is still more than a decade away from reaching this milestone, although it is currently underperforming in this market cycle.
When Shiba Inu price could reach $0.01
Expected differently in a blog article that the price of the Shiba Inu could reach $0.01 by September 2040. Specifically, they highlighted $0.0106 as the maximum price the SHIB could reach by that date. Meanwhile, the cryptocurrency exchange projects it the meme coin it could still reach $0.0139 by the end of 2040, highlighting that price level as the high for December 2040.
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The cryptocurrency exchange also expects the price of the Shiba Inu to see further upside from that level, predicting that the meme coin could reach a peak price of $0.0177 by the end of 2050. This marks a gain of 160809.1% from the meme coin’s current price level. THE SHIB burns it is one of the mechanisms that the SHIB community has adopted to reach the goal of $0.01 for the meme coin.
THE Shiba Inu burn detector explained that reducing the number of tokens in circulation could increase the price of the Shiba Inu over time. The platform added that the community’s goal is to increase the price of the meme coin to $0.01. According to the Shiba Inu burn detector, SHIB circulating supply it needs to be 224 trillion to reach this price target.
Therefore, 61.98% of the circulating supply of meme coins needs to be removed from circulation, or 589.5 trillion tokens. SHIB currently has a circulating supply of 589.24 trillion, indicating that there is still a long way to go before the meme coin reaches its target of 224 trillion. However, the meme coin would also need to witness significant demand for these burns to impact the price of the Shiba Inu.
A recovery is on the cards for SHIB
Cryptographic analyst Javon Marks said that a recovery of more than 150% to $0.000032 is on the cards for the Shiba Inu price based on a bullish divergence which was formed for the meme coin. This comes as SHIB continues to struggle, with the meme coin a major altcoin with a year-to-date (YTD) loss.
Cryptographic analyst SHIB Knight said that the first target for the Shiba Inu’s price as part of its recovery is $0.00001209, which is the former accumulation zone. The analyst noted that when the market turns positive, SHIB is often among the first to recover. He stated that this is mainly due to the strength of the SHIB army.
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At the time of writing, the price of the Shiba Inu is trading at around $0.00001065, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com