A recent tweet from Lucie, a Shiba Inu team member, has sparked speculation of a potential price target but it may all depend on several factors that were outlined by ChatGPT. Crypto experts continue to toss around different price targets for Shiba Inu, with many speculating it could one day touch $0.01. Lucie is one of those who sees that as a real possibility. Lately, she even had a bit of fun with a bigger dream, asking ChatGPT whether SHIB could go as high as $1.
For context, SHIB is currently trading at $0.00001224, up 2.54% over the past 24 hours, ranking the 15th largest cryptocurrency and the second largest meme coin with a market capitalization of $7.21 billion. At the current price, SHIB would require a surge of 78,331% to hit the $0.01 target. If SHIB accomplishes this feat, its market cap will soar to $5.89 trillion from the current valuation of $7.51 billion.
Let’s examine how ChatGPT views this scenario
Even though such an aspiration could be wishful to some, ChatGPT argues it is not outright impossible. Maybe one of the most important drivers is the mass adoption scaling of Shibarium, the layer-2 scaling solution for SHIB that supports token burns through fees on transactions. As discussed earlier, Shibarium has reached over 10 million blocks with a consistent 5-second block time recently.
According to Shibariumscan, the highest possible network has exceeded 1 billion times, presently at a daily rate of 4.1 million, and is showing incredible utilization. ChatGPT also mentions the possibility of integrating SHIB into daily usage, such as payment systems like Shopify, gaming platforms, and decentralized identity verification tools, which would enhance the token’s real-world utility.
The growing role that tokens like TREAT and BONE hold within ecosystems like them further intensifies SHIB’s future. BONE is the reward and governance token of ShibaSwap, while TREAT has been introduced as a way to reward the community for interaction with projects from within the various SHIB ecosystem endeavors and coming dApps.
Constant token burning remains a crucial factor in SHIB’s long-term price potential. The project recently brought back its high-speed burn plan, and over 16.9 million SHIB tokens went up in smoke in the last 24 hours alone, taking the burn rate to a whopping 984.58%. Even though circulating supply is still a staggering 584 trillion, consistent reductions need to be seen in order to facilitate support for future price gains.
SHIB’s meteoric 40x in 2021, to its all-time high of $0.00008845, was fueled by momentum, narrative, and a passionate community. If the overall crypto market were to increase 10x and SHIB hold its place in the top 20 cryptocurrencies, the market cap growth could make what previously seemed impossible, $1, a bold but not completely impossible goal.