CrowdWisdom, a top tech firm, recently published a feasibility report on the Shiba Inu (SHIB) potential price targets.
Prior to Shibarium’s mainnet launch, the crypto sphere was buzzing with speculations about the Layer-2 scaling solution network’s potential impact on the Shiba Inu virtual space.
The general crypto market sentiment expected the Shibarium to boost SHIB’s market activities, adoption, and utility. Notably, the market belief got fuelled by Shibarium’s projected functionalities aimed at tackling most problems in the Shiba Inu ecosystem.
However, despite all the hype and anticipation, the Shibarium launch recently went live, and it seems as though nothing happened, as Shiba Inu seemed to decline even more.
Nonetheless, crypto enthusiasts remain hopeful that the Shibarium’s impact will play out soon. Amid the wait for a potential Shibarium influence on Shiba Inu (SHIB), a tech firm has revealed a significant driving force that could propel SHIB to $0.001 and possibly $0.01.
Insight On Shiba Inu Attaining A $0.001 Or A $0.01 Price Level
Per CrowdWisdom’s report that seemed to be grabbing headlines in the Shiba Inu ecosystem, price targets of $0.001 and $0.01 seem highly unlikely for Shiba Inu, considering the prevailing bearish market.
However, the tech platform appeared convinced about the prospect of a significant burn campaign being a catalyst for SHIB’s price ascent.
According to data from CrowdWisdom’s analysis, the SHIB burn update at the time of writing revealed a massive circulating pool of more than 579 trillion tokens.
On the other hand, the document also disclosed that more than 410 trillion SHIB tokens have been removed permanently from the initial supply.
Read Also: Shiba Inu Investor Amasses $514,000 Profits from BONE Amid Shibarium Hype. Here’s how
While significant effort has gone into reducing SHIB’s gargantuan supply, more measures are required to ensure a drastic reduction.
Underscored as an upcoming immense contributor to Shiba Inu’s burn campaign, the Shibarium is still in its early launch phase, and its impact appears to be playing out already in Shiba Inu’s incinerating efforts.
Notably, Shibarium’s influence on SHIB’s burn campaign could be attributed to the burning of 357 million SHIB coins a few hours after Shibarium’s launch went live.
A Burn Rate Above 90%
Emphasizing the significance of a reasonable burn campaign, an extract from the tech firm’s report noted, “The only way SHIB can probably reach 1 cent is if about 95% of the Tokens are burnt over the next say 5 years. That would imply a burn rate of about 15-20% a year. A very difficult task.”
It is worth noting that the 1 cent in the statement above is equivalent to $0.01 based on the exchange rate.
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Incinerating more than 95% of SHIB tokens must play out before SHIB can attain a $0.01 price level, according to CriwdWisdom’s assertion.
While a burn rate above 95% may appear highly unlikely, it is left to see how the newly launched Shibarium would contribute to it.
Read Also: Estimated Price of Shiba Inu (SHIB) if It Hits Dogecoin (DOGE) Market Cap After Shibarium Launch
Burn rate might seem the most crucial factor for SHIB’s price potential ascent, but other factors like development plans, partnerships and communities, macroeconomic factors, and whales’ actions got highlighted too.
Meanwhile, an article on the amount of SHIB holdings required to accumulate $500,000 if Shiba Inu succeeds in attaining either $0.001 or $0.01 was recently analyzed and published by TimesTabloid. Readers can check in to see for themselves.
Finally, appropriate research work remains crucial in crypto investment, as most crypto price projections are unreliable.
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