Back when $DOGE was experiencing peak FOMO earlier this year, there were a lot of people talking about it going to $1, $5, $10, etc. The problem is the same with all crypto – and that is the simple math of market cap. That is the amount of money/supply ownership it would take in order for the coin to reach a certain value. Some predictions required insane valuations that were simply unrealistic and gave people false expectations.
Now $SHIB works differently from $DOGE, and there are far more Shiba tokens than Dogecoins. Burn does help – but very slowly. As of right now it’s been a drop in the bucket with the 394,796,000,000,000 currently in circulation (about 40% of the total supply). It was recently announced that 900 million tokens had been burned in a day.
To put that in to perspective, let’s say that many tokens were burned every day for a year. That would reduce supply by 328,500,000,000 – around only .08% of current supply, or .03% of total supply.
In the grand scheme of things, I would not expect token burn to affect the price much in the long term unless something changes drastically. And that could happen, but for now, let’s stick with what we know.
Here’s some fun statistics for $SHIB’s market cap and how much it would have to grow.
+68% @ $0.00007
SHIB reaches the current market cap of $DOGE ($32.8 billion).
This is a very realistic goal and highly possible given current momentum.
+232% @ $0.000139
SHIB reaches the current market cap of $ADA ($69.1 billion).
Now we’re getting in to “eat a zero” territory – and honestly probably the last zero SHIB could ever eat. Why is that? Because the next zero couldn’t be eaten until…
+2,300% @ $0.0010
SHIB reaches the current market cap of $ETH ($500 billion).
Ethereum is the 2nd largest cryptocurrency in the world – in fact, SHIB is built off Ethereum blockchain technology. ETH has a lot of uses and development history. For SHIB to reach these heights, it would need to have uses outside of being a “meme”, for better or worse.
+5,600% @ $0.0024
SHIB reaches the current market cap of $BTC ($1.2 trillion).
As we all know, Bitcoin is the king of all crypto. Bitcoin represents almost half of all of crypto’s market cap, sometimes more. As the crypto market space grows, so does Bitcoin. It’s become a virtual store of wealth and hedge against inflation over the years. Bitcoin’s dominance will likely last for the foreseeable future, with only Ethereum being a serious challenger.
Anything past this is pretty insane to think about.
+237,000% @ $0.01
Market cap: $5 trillion. Keep in mind the entire market cap of all crypto is currently around $2.6 trillion.
+23,814,000% @ $1
Market cap: $498 trillion. More than all the wealth in the world.
Currently I believe that the crypto market will continue to experience bullish growth throughout early 2022 before we see another true bear market. During this time, I would expect that SHIB will keep up with many other top coins and tokens now that it has generated a considerable amount of mainstream interest.
But if you did not invest considerably before the last 2 spikes, you should temper your expectations. SHIB could still double, triple or even quadruple its current value – but SHIB still has a lot more to prove as far as use case goes before anyone here should be thinking about $0.01. Basically, if there are other ways you can help besides buying and HODLing, you should do it. We all want to get rich, but if you truly believe in a crypto you want to work for it as much as it wants to work for you, otherwise it never gets there.
submitted by /u/stargunner
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