Shiba Inu price saw a massive price increase in 2021 when Vitalik Buterin burned 410 trillion SHIB tokens sent to him by developers. This burn process led to SHIB erasing three zeros from its price within a short time. Since then, the SHIB community has been conducting regulator SHIB burns and increasing utility in an attempt to push Shiba Inu price to $0.01. In this article, we explore why SHIB price may never rally to $0.01. At press time, Shiba Inu price trades at $0.0000135 after a 3.5% rise in 24 hours. 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. SHIB Burn Rate 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/USDT: 4-hour Chart 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. The post Here’s Why Shiba Inu Price Will Never Hit $0.01 appeared first on CoinGape .
