Cetoex News – The price of Shiba Inu today is $0.0000093. But all those zeroes don’t mean a lot to Shiba Inu hodlers. They’ve seen how Shiba Inu went from $0.0000000001 to $0.00001 in a matter of weeks. And the hottest topic this December seems to be: “Will Shiba Inu reach $0.1 in 2023?”
Let’s look at what the latest data is saying?
Will Shiba Inu burn its way to $0.1?
If Shiba Inu today sent 589 trillion tokens to the burn address, the SHIB price would be $0.1.
Vitalik Buterin already sent 410 trillion SHIB tokens to the burn address in a single transaction in 2021. Could the same thing happen again? Could Shiba Inu burn its way to $0.1?
Not likely. Those 589 trillion tokens are in the hands of more than 1.2 million Shiba Inu holders. And they’re not burning a lot of them. In November, just 661 million SHIB tokens were burned at a dollar value around $6,000.
It’s a drop in the ocean. Shiba Burn Tracker says we’d be waiting at least 67,000 years for Shiba Inu to be worth $0.1 by token burning alone.
What about the ShibaSwap burn portal?
Shiba Inu did launch a burn portal that also paid passive income in May. But it flopped. The development team completely stepped back and the project is floundering.
The space has been taken over by other altcoins like EverGrow.
It’s a token that charges a transaction tax so 2% of every buy or sell is used to burn EverGrow. There’s also an NFT marketplace that sends 100% of its daily revenue towards burning EverGrow. No surprise that EverGrow burned over $250,000 worth of its own token in November.
EverGrow is worth just $0.0000001 today – but is on track to register much greater gains in 2023 thanks to burning so many tokens.
Will Shiba Inu get to $0.1 by market cap?
For Shiba Inu to get to $0.1 by investment alone, here’s what needs to happen.
The Shiba Inu market cap needs to grow to $59 trillion. That’s 59 times bigger than the entire crypto industry. It’s almost three times the size of the United States GDP.
So, no, it’s not likely to happen in 2023.
If Shiba Inu can recover to its all-time high, the token rise will be 760% to $0.00008. But that all-time high came in a bull market. And we’re not predicted to have another one until 2024.
In the meantime, market fluctuations could well drive Shiba Inu prices up or down. But will Shiba Inu reach $0.1 in 2023? Not looking like it.
Disclaimer: This is Only Prediction of cetoex news.
Artical by – Cetoex News