Here’s Why Shiba Inu Price Will Never Hit $0.01

Shiba Inu price saw massive growth in its early years, drawing speculation about how long it would take to reach $0.01. However, amid rising competition from new meme coins and reduced retail demand, SHIB price may never hit $0.01. In this article, we explore several reasons why this price target is may never be attained.

Why Shiba Inu Price Will Never Hit $0.01 

Shiba Inu price faces several obstacles in its path towards $0.01. As these factors continue to weigh on the price, SHIB may continue to record an underwhelming performance. 

Shiba Inu’s Massive Supply of 589T Tokens 

One of the reasons why SHIB price may never reach $0.01 is the massive circulating supply of 589 billion tokens. For SHIB to reach $0.01 with this supply, its market capitalization would reach $5.89 trillion. 

For context, the total supply of the crypto market is around $3 trillion. Therefore, for SHIB to reach $0.01, it would have to outperform Bitcoin, Ethereum, and the entire market. This is currently unlikely to happen in the near term due to a lack of institutional interest that shows a bearish Shiba Inu price forecast. 

A Slow SHIB Burn Process 

The other reason why the Shiba Inu price will never reach $0.01 is the slow SHIB burn process. The Shiba Inu community has been conducting regular token burning to reduce the supply. Recently the Shiba Inu burn rate soared by 5,000%, but the supply remained significantly high. 

Data from Shibburn shows that the burn rate is dropping again. This lack of a sustained surge in the burn rate will keep Shiba Inu’s supply elevated and prevent it from reaching $0.01. 

Lack of retail and institutional interest 

Shiba Inu price may also fail to rally to $0.01 due to a lack of institutional interest. Despite being the second-largest meme coin after Dogecoin, Shiba Inu has yet to get a spot ETF filing. This may hinder significant price gains. 

Additionally, new meme coins are getting much retail interest compared to Shiba Inu. As traders flock to new meme coins for quick gains, it diminishes SHIB chances of reaching $0.01.

Shiba Inu Price Analysis

Shiba Inu price is under bearish pressure despite its recent gains. The meme coin is trading within a falling parallel channel, indicating that bearish trends are prevalent. This could trigger further losses. 

The RSI has been fluctuating below 50 for the past month indicating a lack of buyer interest. The ADX is also rising, which also shows that the bearish momentum shown in the falling wedge pattern is gaining strength. 

If these bearish trends continue and the SHIB price loses support at $0.0000128, it could push the prices lower, possibly to the $0.000009 level. 

SHIB’s technical outlook shows a bearish picture that may affect its short-term price outlook. Additionally, the slow burn rate, vast supply, and lack of demand make it unlikely for SHIB to reach $0.01 in the long term. 

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.