Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Crypto analyst Oscar Ramos has outlined why he doesn\u2019t believe the Shiba Inu price can go above $0.01 this cycle. He made this statement while alluding to the possibility of the meme coin reaching $0.5 at some point in the future.\u00a0 Why Shiba Inu Can\u2019t Go Above $0.01 Ramos mentioned in an X (formerly Twitter) post that Shiba Inu can\u2019t go above $0.01 because of its current supply of over 589 trillion, according to data from CoinMarketCap. The crypto analyst made this remark while sharing a prediction chart from the price prediction website Telegaon, which showed that Shiba Inu could reach $0.5 in 2040. Related Reading: Why Is The Ethereum Price Up 20% Today? Indeed, Shiba Inu\u2019s circulating supply significantly impacts its price, which is why the Shiba Inu team has made a conscious effort to reduce the amount of SHIB tokens in circulation through regular token burns. Shiba Inu\u2019s burn tracker had previously noted that Shiba Inu\u2019s circulating supply would need to be just over 85 billion for its price to even reach $0.01, as Ramos predicts.\u00a0\u00a0 That means almost 80% of Shiba Inu\u2019s circulating supply still needs to be burned for the meme coin to attain Ramos\u2019 price target. Crypto YouTuber Jeff had previously suggested that it was almost impossible for Shiba Inu to burn that much of its circulating supply, stating that it would take over 1 million years for Shiba Inu\u2019s circulating supply to reduce to 100 billion tokens.\u00a0 However, there is no doubt that the Shiba Inu team has still made great efforts to reduce the meme coin\u2019s circulating supply. Over 76 billion SHIB tokens were burned in 2023, while 83 billion were burned the previous year. Seeing how Shiba Inu\u2019s price has increased since last year, these efforts are paying off.\u00a0 While burning 80% of Shiba Inu\u2019s circulating supply still seems like a far-fetched goal, SHIB token burns are expected to increase exponentially, especially thanks to innovations like layer-2 network Shibarium, which uses some of the transaction fees earned for SHIB burns. Therefore, the number of token burns carried out will increase as Shibarium enjoys more adoption.\u00a0 SHIB Can At Least Rise To $0.011 Crypto analyst Ali Martinez had previously predicted that Shiba Inu could make a historic run from its current price level and rise to as high as $0.011. Other crypto analysts have also given bullish price predictions for Shiba Inu, although not as bullish as Martinez\u2019s.\u00a0 Related Reading: Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000? Crypto analyst Armando Pantoja predicted that Shiba Inu could reach $0.001 and even claimed this would happen after the Bitcoin halving. Ramos has also given his bullish prediction for SHIB in this bull run, as he predicts that the meme coin can shed another zero from its current price and rise to $0.0001.\u00a0 At the time of writing, Shiba Inu is trading at around $0.00002603, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":609301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[167,6664,26263,14690,83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-609283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\n
Shiba Inu Price Can\u2019t Reach $0.01, Crypto Pundit Reveals Why<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n