Bitcoin (BTC) has had a fantastic year in 2024. After the US SEC (Securities and Exchange Commission) approved 11 spot ETC ETFs (Exchange Traded Funds), the native crypto hit a new all-time high. BTC's rally trickled down to the broader market and lifted other assets to yearly highs. One analyst has predicted the price of Shiba Inu (SHIB) if BTC reaches $777,000.
According to X user Posted byBTC could reach a high of $777.00 this cycle, up about 1057% from current levels. In such a scenario, Yazan predicts that SHIB will reach $0.05 (5 cents), an increase of over 209,000%.
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While Shiba Inu (SHIB) fans will be ecstatic about such a prediction, there is one major problem with this prediction: SHIB's sheer supply. There are approximately 589 trillion SHIB tokens in circulation. If the price of each token reaches $0.05, the project's market cap will become unrealistically large, even larger than that of top tech companies like Apple, Microsoft, etc. The project will have to drastically reduce the circulating supply before reaching such high prices can aim.
While SHIB could eventually reach $0.05, it is unlikely to happen this cycle.
When Can Shiba Inu (SHIB) Reach $0.05?
According to ChangellySHIB will reach $0.05 sometime after 2050, 26 years from now. The platform predicts that SHIB will reach a maximum price of $0.03319668 by 2050.
Also read: Shiba Inu: How High Can SHIB Go If Ethereum ETF Is Approved?
Telegaonon the other hand, is more optimistic about Shiba Inu (SHIB). The platform predicts that SHIB will reach $0.05 sometime between 2035 and 2040. Telegaon predicts that SHIB will reach a maximum price of $0.00216 in 2035 and $0.089 in 2040.
However, there is a possibility that SHIB will cross the $0.05 mark much sooner. The SHIB team is reportedly working on a new burning mechanism, which is said to burn trillions of tokens annually. If the team can significantly reduce SHIB's supply, we could see a sudden price spike.