Despite the broader bearish sentiment in the crypto market, the Shiba Inu community remains hopeful. The dream of SHIB reaching 1 cent is still alive, with the SHIB Army believing in its long-term potential. 

As of October 5, 2023, SHIB’s value stands at $0.000007225, a significant drop from its all-time high of $0.00008845 in 2021, and now, to achieve the 1 cent milestone, the Shiba Inu price would need to surge by a staggering 138,308.3% from its current price.

Shiba Inu current price

Image source Trading view SHIBUSD

How has Shiba Inu been performing?

Shiba Inu has shown remarkable growth since its inception. From the beginning of 2022 to 2023, SHIB’s price has grown by approximately 812.5%. Using a linear growth model based on past performance, it’s estimated that SHIB could potentially reach 1 cent in roughly 11.25 years. 

However, this prediction assumes a constant growth rate, which is a significant oversimplification given the volatile nature of the crypto market.

Market Cap Considerations

Shiba Inu’s market cap is around $4.25 billion, and for SHIB to hit the 1 cent mark, its market cap would need to surpass the $5.5 trillion mark. This figure is five times the total valuation of the entire crypto market today. Such a massive increase seems improbable, especially considering the current market cap of giants like Apple.

Shiba Inu market value

Image source TradingView SHIB Market Value

Will the Power of token burns get Shiba Inu to 1 cent?

One potential pathway to the 1 cent goal is through aggressive token burns. If 90% of SHIB tokens were burned, the required market cap to reach 1 cent would be significantly reduced to $548 billion. 

This scenario would mean SHIB would need to grow by 25% annually for 11 years to achieve this price. A 95% burn over the next five years would further improve these odds, though achieving such a high burn rate is challenging.

Also Read: New Signs Show XRP Could Hit a 25x Price Pump by 2024

So, what are the factors influencing Shiba Inu’s value?

Several factors could drive SHIB’s value in the coming years:

  • Adoption and Utility: The recent approval by Binance to use SHIB as collateral for flexible loans enhances its utility in the crypto market. This move allows SHIB holders to leverage their tokens for financial flexibility.
  • Diversification: Shiba Inu’s ventures into the NFT space, gaming (Shiba Eternity), and potential use as a reward tool for content creators indicate a diversifying strategy. This move might play an exciting role when it comes to adoption.
  • DeFi and Development: Shiba Inu’s move into DeFi, yield farming, staking, and the development of its Layer-2 blockchain, Shibarium, could also play a pivotal role in its growth.
  • Partnerships: Collaborations with brands like Coingate, Bugatti, and VISA could enhance SHIB’s utility and influence its price trajectory.
  • Token Burn Strategy: An aggressive token burn strategy is essential for SHIB to approach the 1-cent mark.

Challenges ahead

Despite the potential, SHIB faces the following challenges that might just slow down its momentum:

  • Regulation: The crypto industry is under scrutiny, and increased regulation could impact SHIB’s growth. However, the crypto community is witnessing some wins in this sector. The recent win by Ripple and the several moves for a Bitcoin ETF might pave the way for other Altcoins and meme coins.
  • Development: While SHIB has many plans, full implementation remains to be seen.
  • Market Sentiment: The broader environment is skeptical of ‘non-utility’ coins like Shiba Inu. A significant price crash could diminish interest in the token.

Will Shiba Inu hit the 1-cent mark?

The journey to 1 cent for Shiba Inu is filled with optimism, challenges, and uncertainties. While the dream is alive, several analysts have pointed out the possibility of such a rise materializing is theoretically impossible. But according to us, “theoretically impossible” is another word the crypto community uses when they are unsure what the future holds. 

With fundamental factors such as the token burn factor, Shibarium’s performance, and the rest, we might just get there – although these will likely not trigger SHIB to reach $0.01 overnight, their success will most likely push SHIB on a bullish track.