According to Jason A. Williams, Bitcoin (BTC) could hit $250,000 this cycle. Moreover, the analyst predicts that if Bitcoin (BTC) hits $250k, Shiba Inu (SHIB) could surge to $0.05, a rise of about 207,455% from current levels.
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While many Shiba Inu (SHIB) fans and investors would be ecstatic about this prediction, there are a few things to consider before investing. SHIB has a circulating supply of nearly $589 trillion. If the price of each token hits $0.05, the project’s market cap will become unrealistically large. Therefore, the project needs to reduce its circulating supply before aiming for higher prices.
Although Bitcoin (BTC) could hit $250,000 this year, it may be a little farfetched to assume that Shiba Inu (SHIB) will hit $0.05 in the same time frame.
When can Shiba Inu (SHIB) realistically hit $0.05?
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Shiba Inu (SHIB) seems to be consolidating around the $0.000024 level. The asset witnessed a surge earlier this year in March, following Bitcoin (BTC) hitting a new all-time high. However, SHIB’s price has gradually fallen since its March peak. The asset is down 2.7% in the daily chart and over 3% in the 14-day chart. Nonetheless, SHIB’s price is still up by 6.6% in the weekly chart and 4.3% over the previous month.
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According to Changelly, Shiba Inu (SHIB) could hit a maximum price of $0.03319668 in 2050, about 26 years from now. Therefore, the platform does not anticipate SHIB to hit $0.05 anytime before 2050. Telegaon, on the other hand, predicts SHIB to hit $0.05 sometime between 2035 and 2040. The platform anticipates SHIB to hit a maximum price of $0.089 in 2040.
SHIB’s massive supply is one of its most significant barriers to its price. However, the SHIB team has said they are working on a new burn mechanism, rumored to burn trillions of tokens a year. If the team can drastically reduce the project’s supply, we may reach the $0.05 level much sooner than predicted.