shiba inu Its growth depends on various factors that can break or create its price in indices. These factors include a circulating supply of 549 trillion, a market cap of $7.7 billion, and a series of burns that could take years to remove the tokens from circulation.
All these factors play an important role in determining its price, which includes the deletion of the next ‘zero’. However, SHIB is likely to clear a ‘zero’. It is possible to reach $0.0001 if a certain set of criteria is met.
The Shiba Inu has not deleted a ‘zero’ in the last 16 months due to the above factors affecting its price. So how can it then hit a ‘zero’ and reach $0.0001?
Cryptocurrency The Coin Perspective, which calculates its prices, signals that if the market cap increases rapidly, the Shiba Inu could erase a ‘zero’ and reach $0.0001. According to the analysis, if SHIB’s market cap reaches $58.9 billion, it could erase a ‘zero’ and trade at $0,00010.
Leading cryptocurrency YouTuber Zach Humphries pointed out that for SHIB to reach $0.000100, it needs to increase its market cap by 693%.
if #SHIB had a market cap of $58.9B, 1 SHIB would be worth $0.000100, an upside of 693%
— Zach Humphries (@Z_Humphries) February 14, 2023
The numbers seem quite large, but they are not impossible to reach in the cryptocurrency markets. The Shiba Inu reached its peak market capitalization of $39 billion in October 2021. Deleted a ‘zero’. The token also reached an all-time high of $0.00008616 in the same period.
Therefore, the increase in market cap is the first step for SHIB to reach the $0.0001 level. However, for the market cap to increase, SHIB needs to attract a new round of first-time investors, as in 2021. For this to happen, the markets need to be in the bull zone.
As Koinfinans.com reported, the Shiba Inu is trading at $0.00001313 at the time of writing. It fell 4.6% in 24-hour daily trading. SHIB is also down 84.73% from its all-time high of $0.00008616 reached in October 2021.