Will Shiba Inu (SHIB) reach $1 in 2023? – Analysis

Imagine if you bought $100 of Shiba Inu today, and in 2023 the price of SHIB hit $1.

Your portfolio would now be worth $10.8 million. It's a life-changing sum of money. And let's not get started on had you bought $1,000 of Shiba Inu or $10,000.

But will Shiba Inu reach $1 in 2023? 

The short answer is: probably not.

Could Shiba Inu burn its way to $1?

If Shiba Inu sent 589 trillion tokens to the burn address, the SHIB price today would be $0.1.

Vitalik Buterin already sent 410 trillion SHIB tokens to the burn address in a single transaction in 2021. Could the same thing happen again? Could Shiba Inu burn its way to $1?

Not likely. Those 589 trillion tokens are in the hands of more than 1.2 million Shiba Inu holders. And they're not burning a lot of them. In November, just 661 million SHIB tokens were burned at a dollar value around $6,000.

To even think of burning its way to $1, Shiba Inu might need to learn a few tricks from altcoins like EverGrow. It's a token that burns supply from a transaction tax (2% of every buy/sell) and builds applications that send 100% of their revenue to burning EverGrow.

EverGrow almost burned 1% of its circulating supply in November – worth over $250,000.

You can read more about EverGrow here: https://evergrowegc.com/

Will Shiba Inu get to $1 by market cap?

For Shiba Inu to get to $1 by investment alone, here's what needs to happen.

The Shiba Inu market cap needs to grow to $590 trillion. That's 590 times bigger than the entire crypto industry. It's almost 30 times the size of the United States GDP. 

So, no, it's not likely to happen in 2023. 

If Shiba Inu can recover to its all-time high, the token rise will be 760% to $0.00008. But there's still a long way to $1 from there. For the meantime, and while crypto remains in a bearish cycle, it's best to seek more achievable targets.