How Much Shiba Inu (SHIB) Supply to Burn for SHIB to Hit $1 at $500B Market Cap

For the token to reach its one-dollar value and $500 billion market cap, the Shiba Inu community would have to burn 99% of the SHIB supply.

Shiba Inu (SHIB) has continued to attract attention from the crypto community despite the prolonged bear market. As the world’s second-largest meme coin, SHIB has remained a topic of discussion among traders and investors.

Now, as the dust settles on 2023 and the new year begins, several projections have emerged regarding where Shiba Inu might be headed. Some analysts have remained bullish on SHIB, targeting levels as high as $0.0001553 in the mid-term.

Others have maintained optimism for longer-term prospects, eyeing the $0.001 and even $0.01 regions. However, pessimism surrounds these projections, especially with traders discussing the possibility of Shiba Inu reaching $1.

Shiba Inu (SHIB) Price Analysis: Key Levels to Watch As Meme Coin Eyes Mid-Term Recovery

Shiba Inu $1 Prospects

Last August, leading crypto exchange CoinW sparked interest among the SHIB army by hinting that the meme coin could reach the $1 target.

The exchange posed the question of whether Dogecoin (DOGE) or Shiba Inu would be the first to hit the much-coveted $1 mark.

It’s worth noting that DOGE, which currently trades at $0.2756, is much closer to this price than SHIB.

With Shiba Inu changing hands at $0.00001667 at press time, several voices have dismissed any talks about a rally to $1.

Particularly, the major reason behind this pessimism is SHIB’s current circulating supply, which stands at 589 trillion tokens.

With such a supply, a $1 Shiba Inu price would translate to a market cap of $589 trillion. There just isn’t enough money in the world to sustain this valuation.

As a Result, for Shiba Inu to ever Dream of Hitting $1, the token would need to undergo an extensive burn process, even greater than what was observed with Ethereum founder Buterin in May 2021.

How Much Shiba Inu Supply to Burn for SHIB to Hit $1 at $500B Market Cap

Even with substantial burns, Shiba Inu’s market cap would need to exceed current levels for a $1 price. Interestingly, lead developer Shytoshi Kusama suggested last month that the dog-themed meme coin is capable of hitting a $1 trillion market cap sometime in the future.

On this note, we analyzed how much SHIB the community would need to burn to push Shiba Inu’s price to $1 at half of Kusama’s market cap projection of $1 Trillion. Notably, at a $500 billion market cap, Shiba Inu’s price would reach $1 if its circulating supply is just 500 billion tokens.

Currently, the circulating supply is 589 trillion. Consequently, the community must burn 588.5 trillion tokens, representing 99.91% of the circulating supply, for Shiba Inu to hit $1 at a $500 billion market cap. However, such a burn is unlikely to occur, making the chances of SHIB hitting $1 extremely low.

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