Shiba Inu’s Mammoth Task: Expert Skeptical Of Coin Surpassing 1 Cent Mark

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In the volatile world of cryptocurrency, expert analyst Oscar Ramos has candidly shared his skepticism about the Shiba Inu coin breaking the $0.01 barrier in the foreseeable future, tempering expectations despite tantalizing suggestions of the meme coin ultimately reaching the lofty valuation of $0.5.

According to Ramos, the formidable climb for Shiba Inu to surpass the penny threshold is shackled by its colossal present supply. Sourced from CoinMarketCap, the figure stands at a staggering 589 trillion tokens. This prediction was part of Ramos’s discourse on social media, appended with a predictive chart from price prognostication website Telegaon, casting a long-term prophecy of Shiba Inu possibly reaching a half-dollar valuation by 2040.

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The outsized circulating supply of Shiba Inu is a critical determinant of its price, a fact not lost on the team behind the meme coin. They’ve undertaken the steady task of lowering the volume of circulating Shiba Inu tokens, executing frequent and deliberate token burns. A testament to this rigorous effort, the burn tracker associated with Shiba Inu has prophesied that the circulating supply of the coin should dwindle to the calculated figure of approximately 85 billion for it to have a fighting chance at reaching the $0.01 mark, as per Ramos’s prediction.

To realize Ramos’ projected target, Shiba Inu is obliged to obliterate almost 80% of its circulating supply. Given this herculean task, popular Crypto YouTuber Jeff has previously opined that such a scenario appears virtually unattainable. He went as far as claiming that it would take over a million years for Shiba Inu’s supply to be whittled down to a meager 100 billion tokens.

Undeterred by this almost Sisyphean task, the Shiba Inu team has continued making substantial strides in paring down the coin’s circulating supply. The burn records for 2023 and the preceding year stand at over 76 billion and 83 billion Shiba Inu tokens respectively. The price surge of Shiba Inu since the previous year reinforces the belief that these efforts have indeed borne fruit.

While incinerating 80% of Shiba Inu’s supply may seem like an exaggerated ambition, the frequency of SHIB token burns has been forecasted to grow exceedingly, facilitated largely by progressive technology like the layer-2 network Shibarium. For each transaction, the platform sets aside a portion of transaction fees for SHIB burns. As Shibarium gains traction, the quantity of executed token burns is expected to correspondingly expand.

Other crypto pundits such as Ali Martinez have joined the discourse, predicting that Shiba Inu could experience a historic surge from its current value, possibly attaining the $0.011 mark. Armando Pantoja, another expert crypto analyst, advocates for a more modest outcome, foreseeing Shiba Inu trading at $0.001 following the much-anticipated Bitcoin halving.

As of the time of this report, the embattled Shiba Inu is trading at approximately $0.00002603, appreciating over 2% within the last 24 hours. While the crypto market remains a roller coaster, the tenacity of Shiba Inu and the audacious forecasts of analysts alike will continue to captivate spectators on this exciting ride.