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- Shiba Inu, the controversial meme-coin, came into the spotlight during retail investor frenzy the previous year, producing mammoth returns.
- Shiba Inu’s core barrier to touch or surpass $1 barrier is its behemoth supply. The token has a supply of 589 Trillion as of now.
- As this article was being written, Shiba Inu was trading at a market value of $0.00001154, down by 2.85% during the past 24 hours.
What does Shiba Inu Stats Say?
Shiba Inu have witnessed a lot of barriers like scarcity in adoption to incoming regulation. However, it is not the sole crypto asset to face such problems, but the entire crypto sphere is facing similar issues.
Vulnerability in Shiba Inu stopping it from marking $1 is its mammoth supply. This is basic economics, more supply means less value, less supply means more value. The meme coin stands at $0.00001154, with a massive market supply of $589 trillion.
If Shiba reaches $1, it will have a market cap of $589 Trillion, which would make it more valuable than Apple, the biggest organization on the planet right now.
The point here is, Shiba Inu produces nothing, which makes it undeserving of such a market valuation in contrast to Apple, which I don’t think have to tell you about what it has offered to the world.
SHIB Metaverse
Metaverse is a network of digital worlds linked together with each other where users are able to conduct routine life activities. SHIB metaverse is among those realms.
The metaverse will feature Shiboshi NFT holders, games and more than 100,000 digital land plots. ETH will back transactions in Shibverse but Shiba Inu will play a vital part in the reduction of supply.
Land owners can assign a name in exchange for a fee offered with Shiba Inu. The paid tokens then will be burned, I guess you already know the effect afterwards.
How Can It Reach $1?
This is simple math, which I am gonna cut short. 589 trillion tokens should be brought down to 6.9 Billion, which means the ecosystem needs to shed 99.99998% of tokens in order to reach a Dollar.
The odds might not be in the favor here, as there’s another side to look at this. To make such an event happen, every holder needs to burn 99.99998% of Shiba Inu tokens, depicting that the entire value will be offset by mammoth reduction in the number of tokens held by owners.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
