Critical report for Shiba Inu (SHIB): Not possible for now!

Cryptocurrency data analysis platform CoinCodex shared important information about Shiba Inu (SHIB) in its new report.

Popular data analysis platform CoinCodex evaluates the potential for Shiba Inu (SHIB) to reach the $0.01 price level, projecting a six-year time frame for this target. Despite the meme coin trend, what is the current situation for Shiba Inu (SHIB) that has yet to deliver as expected?

Challenging times for Shiba Inu (SHIB)

In the past weeks, SHIB has been going through a tough period. The popular memecoin, which lost 10% in the past week and 13% in the last month, is currently trading at $0.000016. However, some investors believe that SHIB can reach $0.01.

CoinCodex's analysis also considers the possibility of SHIB reaching 1 dollar or 0.50 dollars. However, the report emphasizes that it does not seem possible to reach these targets under current market conditions.

According to the report, although it is unlikely to reach $1 or $0.50, it is stated that SHIB may still experience significant increases. The analysis highlights that astronomical growth like SHIB's 85,000,000% increase in 2021 is possible.

However, general market conditions and SHIB's supply are cited as one of the key barriers to re-enacting such a surge as seen in 2021.

Supply issue continues

CoinCodex's report argues that a significant reduction in supply is needed for SHIB to reach levels of $0.50 or $1. Currently, with a supply of 589 trillion SHIB, if the price rises to $0.01, Shiba Inu's market value will reach $5.89 trillion.

When compared, the total value of the entire cryptocurrency market is approximately $2.29 trillion. Additionally, technology giants like Apple and Microsoft are valued at $3.52 trillion and $3.18 trillion respectively. Given the current supply, it does not seem possible for SHIB to become more valuable than these companies and the entire crypto market.

Token burns are in the spotlight

CoinCodex states that reducing the supply of SHIB may be possible through token burning processes as a solution. Part of SHIB's significant price increase in 2021 was due to Ethereum's founder Vitalik Buterin burning 410 trillion SHIB tokens.

However, it is stated that a token burn at the scale performed by Buterin is not realistic at the moment in the analysis. Although CoinCodex emphasizes that it is unlikely for SHIB to reach $0.01, it adds that this possibility should not be completely ignored.

Taking into account general market trends, CoinCodex predicts that SHIB could reach $0.001978 by the year 2030. This level represents a 12,262% increase from SHIB's current price of $0.000016.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.