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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Shiba Inu Price Can’t Reach $0.01, Crypto Pundit Reveals Why

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Shiba Inu

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Crypto analyst Oscar Ramos has outlined why he doesn’t 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. 

Why Shiba Inu Can’t Go Above $0.01

Ramos mentioned in an X (formerly Twitter) post that Shiba Inu can’t 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.

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Source: Telegoan

 

Indeed, Shiba Inu’s 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’s burn tracker had previously noted that Shiba Inu’s circulating supply would need to be just over 85 billion for its price to even reach $0.01, as Ramos predicts.  

That means almost 80% of Shiba Inu’s circulating supply still needs to be burned for the meme coin to attain Ramos’ 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’s circulating supply to reduce to 100 billion tokens. 

However, there is no doubt that the Shiba Inu team has still made great efforts to reduce the meme coin’s circulating supply. Over 76 billion SHIB tokens were burned in 2023, while 83 billion were burned the previous year. Seeing how Shiba Inu’s price has increased since last year, these efforts are paying off. 

While burning 80% of Shiba Inu’s 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. 

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’s. 

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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. 

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.

Shiba Inu price chart from Tradingview.com
SHIB price drops amid market fluctuations | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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