Report Claims Shiba Inu Could Hit $10; Is it Likely

Shiba Inu’s surge to $10 would mean a 101,358,099% increase from the current price of Shiba Inu, which is completely impossible from an analytical point of view.

Analysts and market watchers have made several forecasts of Shiba Inu’s (SHIB) price direction in the foreseeable future, some bullish and others bearish. However, in what appears to be the most unrealistic prediction, an article on the reputable media outlet Analytics Insight forecasts that SHIB could hit $10 by 2024.

The Analytics Insight article was titled “Experts Predict that the Shiba Inu Will be Worth $10 by 2024” but failed to cite the experts in the debate. The article highlighted the Shiba Inu Metaverse project as a possible driver for this price surge but neglected to disclose how.

This prediction has been summarily dismissed as wishful thinking by most market participants, and rightly so, as SHIB would need to increase by 101,358,099% in one year to be able to hit $10. This surge magnitude is realistically impossible from an analytical point of view, considering the current market conditions and SHIB’s supply.

The Shiba Inu Supply: a Major Barrier

Shiba Inu’s dream to drop as much as two zeros from its value has been disrupted by its extensive supply. Despite the sustenance of burns, the Shiba Inu circulating supply still remains well above the 574 trillion mark.

The last time Shiba Inu’s supply decreased by up to 41% at once, the asset’s run in 2021 received a significant boost, as it surged by 264,000% in just five months within that year. This was a result of Ethereum co-founder Vitalik Buterin’s burn of 410 trillion SHIB in May 2021.

For Shiba Inu to increase by 101,358,099% to $10, its circulating supply would need to plummet to a value of around 1 billion tokens, marking a 99.9% drop from the current supply. Now, unless all the Shiba Inu holders will be willing to burn their SHIB holdings for this cause, this target is a mere fantasy.

The community and several projects have continued to contribute to SHIB burns, but these transactions have only involved millions and billions of tokens, as in the latest one that saw 1.6 billion tokens incinerated. Even if 1 billion tokens are burned every day, it will take over 1,500 years to reduce the asset’s supply by 99%.

$0.0001 to $0.001 SHIB Price, a Realistic Goal

Rather than $10, the Shiba Inu community has continued to aim for a $0.0001 to $0.001 price target for the asset which is well within the realm of possibilities. Shibarium, the Shiba Inu ecosystem L2 network, is expected to burn SHIB with 70% of base transaction fees, supporting the burning campaign.

This should help provide support for Shiba Inu’s price movements. SHIB is trading for $0.000009873, down 0.85% in the past 24 hours. The asset is currently looking to sit above the $0.00001 territory as a hedge against further declines.