Shiba Inu’s Market Status
The cryptocurrency Shiba Inu (CRYPTO: SHIB), created in 2020 by an anonymous developer, surged to a peak return of 45,278,000% in 2021. However, it has since lost 84% of its peak value and currently holds a market capitalization of $8.1 billion with a price of $0.000014 per token.
Token Supply Challenges
Shiba Inu has a circulating supply of 589.5 trillion tokens, making reaching a price of $1 impossible under current circumstances. Achieving this would necessitate a market cap of $589.5 trillion, which exceeds the value of the world’s largest companies and the total global economy. Current token burning efforts are minimal, with only 1.7 billion tokens burned last month, suggesting it would take approximately 28,882 years to reach a significant reduction.
Market Sentiment and Future Prospects
Although there is some positive sentiment in the cryptocurrency market due to favorable governmental policies, Shiba Inu lacks legitimate utility and business acceptance, evidenced by just 1,074 businesses worldwide accepting it as payment. Analysts are skeptical about its potential for growth, particularly with a community push to burn tokens.
