Cryptocurrency analyst Davinci Jeremie, known for advising to buy Bitcoin at $1 in 2011, shared his thoughts on whether Shiba Inu (SHIB) can reach $1. He explained that for SHIB to hit $1, the market cap would need to be $600 trillion, which is mathematically impossible given the total global financial assets. Despite this, Jeremie believes that Shiba Inu still has potential for growth, although the $1 target may not be realistic.
Shiba Inu’s token burning activity has seen a significant increase, with a 401% rise in the burning rate in the last 24 hours. This process involves permanently removing tokens from circulation, which can create scarcity and potentially increase the token price. Although the burning rate surge is less compared to previous months, the overall trend shows a steady increase in burning activity, with over 12 million tokens burned recently.
The development team behind Shiba Inu remains focused on technical advancements and expanding the ecosystem. Developer Kaal Dhairya emphasized the importance of ignoring market fluctuations and focusing on building. He mentioned the upcoming implementation of rollups and Fully Homomorphic Encryption (FHE) as part of the team’s efforts to enhance the ecosystem’s capabilities. The focus remains on building rather than being swayed by market sentiment.
Shiba Inu’s price prediction indicates a 51% bearish outlook for the next three months. Despite this, the development team is actively working on improving the technical aspects of the project. With ongoing efforts to implement scalability solutions like rollups and advanced privacy features such as FHE, Shiba Inu aims to strengthen its ecosystem and offer better functionality for users. The team’s commitment to development highlights their long-term vision for the project.
In conclusion, while the $1 target for Shiba Inu may seem unrealistic due to the staggering market cap it would require, the cryptocurrency still has potential for growth. The recent increase in token burning activity and the development team’s focus on technical advancements demonstrate a strong commitment to improving the project. By ignoring market fluctuations and concentrating on building a robust ecosystem, Shiba Inu aims to establish itself as a prominent player in the cryptocurrency space.
