Look at the total supply. Look at the burns. The burns are not even close to 1% so they practically do nothing. Are they better than nothing? Absolutely.
But the circulating supply is going to remain extremely high for many many many many years to come.
You could convince me we can drop a zero in the short term... maybe another zero in 4 or 5 years.
It could potentially reach .01 in under 10 years if two things happen:
voluntary burns finally reach to 50% of supply.
Shib L2 is a huge success and the fees are so low that shib can be actually used as currency. Right now, it's a joke to pay gas fees to buy a cheap t-shirt or movie ticket.
Without those two things happening, we aren't going to see 1$ much less .01 cent.
Don't let this worry you though. Under the current trend since peak, we are looking to hit pre oct '21 prices somewhere in middle of Jan. This means it will be the price that shib clotheslined nearly all of 2021 before the peak.
That might sound like a bad thing but it's not. Shib has massively more reason to rise than it did the last time it was at this price. Because the last time, shib had nothing but hype. Now it DOES have L2 coming. The burns are higher despite not being enough. And more companies are accepting shib as payment.
So this would be your opportunity to buy buy buy....
Less likely but still currently a potential: next week shib prices will intersect with a level of support developed in Oct 21. We could potentially have a Christmas Miracle with a breakout. This would have shib escaping the downward pressure it has been inflicted with. This would see an immediate rise but also a limited opportunity to average down and pile up coin as you would have in the first scenario.
I'm fine with either outcome but I would like to see a Jan firesale.
But the circulating supply is going to remain extremely high for many many many many years to come.
You could convince me we can drop a zero in the short term... maybe another zero in 4 or 5 years.
It could potentially reach .01 in under 10 years if two things happen:
voluntary burns finally reach to 50% of supply.
Shib L2 is a huge success and the fees are so low that shib can be actually used as currency. Right now, it's a joke to pay gas fees to buy a cheap t-shirt or movie ticket.
Without those two things happening, we aren't going to see 1$ much less .01 cent.
Don't let this worry you though. Under the current trend since peak, we are looking to hit pre oct '21 prices somewhere in middle of Jan. This means it will be the price that shib clotheslined nearly all of 2021 before the peak.
That might sound like a bad thing but it's not. Shib has massively more reason to rise than it did the last time it was at this price. Because the last time, shib had nothing but hype. Now it DOES have L2 coming. The burns are higher despite not being enough. And more companies are accepting shib as payment.
So this would be your opportunity to buy buy buy....
Less likely but still currently a potential: next week shib prices will intersect with a level of support developed in Oct 21. We could potentially have a Christmas Miracle with a breakout. This would have shib escaping the downward pressure it has been inflicted with. This would see an immediate rise but also a limited opportunity to average down and pile up coin as you would have in the first scenario.
I'm fine with either outcome but I would like to see a Jan firesale.