Shiba Inu (SHIB) has one of the most dedicated and loyal communities in the cryptocurrency sector. The dog-themed crypto has come a long way since its debut in August 2020. The asset's price has risen by many millions of percent and has since risen to 12th in terms of market capitalization.
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SHIB hit its all-time high of $0.00008616 in October 2021. The asset's price has since fallen by more than 70%. However, SHIB fans and investors continue to pursue higher prices. One goal for many SHIB fans is $0.001. Let's see how the popular dog-themed crypto can reach this price.
How can Shiba Inu (SHIB) reach $0.001?
One of the main barriers to SHIB's price is its sheer supply. There are currently approximately 589 trillion SHIB tokens in circulation. If the cost of each coin reaches $0.001, the project's market capitalization will reach unrealistically large numbers. Therefore, the SHIB team needs to reduce the supply of the token before targeting higher prices. There are rumors that the team is working on a new one burn mechanism, which is said to burn trillions of tokens every year. If the team can drastically reduce SHIB's supply, the asset has a greater chance of experiencing a price spike.
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The second thing that could take Shiba Inu (SHIB) to $0.001 is more development on Shibarium, the project's layer-2 network. If more applications are built on Shibarium, this will lead to more demand for SHIB and therefore a price increase.
The third development that will take Shiba Inu (SHIB) to $0.001 is an overall positive market environment. SHIB reached its all-time high in 2021, when the crypto market was going through its most bullish phase. Most of the top assets hit all-time highs in 2021. A similar situation will drastically help SHIB achieve its price targets.