The year 2023 was a significant one for the cryptocurrency industry, witnessing tremendous growth as the total market capitalization of all tokens more than doubled from $850 billion to over $1.7 trillion. While cryptocurrencies like Bitcoin (BTC) experienced substantial gains, not all tokens followed suit. Shiba Inu (SHIB), a meme token that garnered attention in 2021, saw a comparatively modest 30% return in 2023. With SHIB still 88% below its all-time high, investors wonder if 2024 holds the potential for it to reach $1. However, the reality might be far from expectations.
The Enormous Supply Challenge
One of the primary obstacles standing in the way of Shiba Inu’s historic rise is its enormous supply. Currently, there are more than 589.3 trillion SHIB tokens in circulation, with each token priced at $0.0000107. This gives Shiba Inu a market capitalization of $6.3 billion. To put it into perspective, if SHIB were to reach $1 per token, its market cap would need to soar to an astronomical $589.3 trillion.For context, the total wealth of every person on Earth was estimated to be $454 trillion at the end of 2022, according to Credit Suisse. In other words, for SHIB to reach $1, its market cap would need to surpass the combined wealth of the entire global population.
Community Efforts to Burn Tokens
To address the challenge posed by its immense supply, the Shiba Inu community has been actively working to reduce the token supply through a process known as “burning.” This involves permanently removing tokens from circulation, making them inaccessible for future use. Token holders can contribute to this effort by sending tokens to a “dead wallet” or participating in various initiatives like streaming a specific music playlist or using the Shiba Search internet search engine. The proceeds from these activities are then directed towards reducing the token supply.
Can Enough Tokens Be Burned in 2024?
The community faces a daunting task if SHIB is to reach $1 in 2024 based on its current market cap. To achieve this, approximately 99.99998% of all SHIB tokens would need to be burned, leaving just 6.3 billion tokens in circulation.Over the past 30 days, the community has burned approximately 34.2 billion tokens. While this is a significant effort, it falls far short of the amount needed to reach the $1 target this year. At the current pace, it would take over 1,437 years to burn all the necessary tokens. In other words, SHIB reaching $1 is a distant dream, projected to materialise in the year 3461.
The Myth of Gaining Wealth Through Burning
Even if one were to live long enough to witness this unlikely scenario, there’s another important point to consider. Burning tokens does not increase the value of Shiba Inu; it simply reduces the supply and, in turn, increases the token’s price by an equivalent amount. In the year 3461, you would have 99.99998% fewer tokens, but they would be worth $1 each, meaning your net position in dollars would remain unchanged.While the idea of SHIB reaching $1 is improbable, there are alternative tokens in the cryptocurrency market with promising potential for significant gains. One such token is Retik Finance (RETIK), which experts predict could experience substantial growth when it launches in Q3 2024.
A More Realistic Alternative: Retik Finance (RETIK)
Retik Finance: Bridging the Gap
Retik Finance aims to revolutionise the global financial landscape through innovative DeFi solutions. With a vision to decentralise the banking sector, Retik Finance offers a comprehensive ecosystem designed to empower individuals and businesses worldwide. Key components of this ecosystem include the Retik Wallet, DeFi Debit Cards, and Retik Pay, providing a seamless fusion of digital and traditional finance. The $RETIK token serves as the backbone of the ecosystem, promoting financial autonomy, governance, and user engagement.By embracing decentralised technologies, Retik Finance addresses the limitations of traditional banking systems, offering enhanced security, accessibility, and privacy while facilitating cross-border transactions. This abstract highlights Retik Finance’s pivotal role in reshaping the future of global finance, fostering a more inclusive, transparent, and efficient financial landscape for the years ahead.
Conclusion
While Shiba Inu’s quest to reach $1 in 2024 appears implausible due to its massive supply and the slow pace of token burning, the cryptocurrency market continues to offer opportunities for investors seeking substantial gains. Tokens like Retik Finance (RETIK) hold promise, with experts predicting significant growth upon its launch in Q3 2024. As cryptocurrencies reshape the financial landscape, innovative projects like Retik Finance are poised to play a pivotal role in creating a more accessible, transparent, and equitable global economy, bridging the divide between traditional and digital finance. Investors should keep an eye on such projects as they navigate the ever-evolving cryptocurrency market.
Click Here To Take Part In Retik Finance Presale
Visit the links below for more information about Retik Finance (RETIK):
- Website: https://retik.com
- Whitepaper: https://retik.com/retik-whitepaper.pdf
- Linktree: https://linktr.ee/retikfinance
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.
