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Nonetheless, even though the bears retained control of the immediate price action, trading activity showed remarkable resilience, with volume up 24.35% to $266.92 million, suggesting sustained interest despite the decline. Additionally, community sentiment remained extremely optimistic, with 88% of traders maintaining a bullish stance, according to the latest data from CoinMarketCap.
However, amid growing speculation over SHIB future trajectory, crypto analyst “Investing Haven” threw cold water on the token’s ambitious price targets. In a detailed analysis shared on Sunday, the expert challenged the feasibility of SHIB reaching the coveted $1 milestone, pointing to the massive supply of tokens in circulation as a fundamental concern.
“What would it take for $SHIB to reach $1? $1 SHIB would require a market cap of $589 trillion, which is a huge effort,” » tweeted the analyst, emphasizing the mathematical improbability of such a step.
The analysis notably highlights several fundamental obstacles, including the need for a massive reduction in supply and the development of real utility beyond simple speculation. With a current circulating supply of 589.26 T SHIB, reaching the dollar mark would require a market capitalization greater than the entire global economy.
& nbsp“Supply burn-in is critical, and global adoption and real-world use cases need to grow significantly. Speculation alone will not be enough to support such valuations.” the analyst pointed out in another tweet.
However, the SHIB ecosystem remains supported by the optimistic outlook of its leaders. LUCIE, the lead marketer, recently reaffirmed the substantial growth potential of the ecosystem, emphasizing that short-term price fluctuations should not deter long-term investors. Shytoshi Kusama, the project’s lead developer, highlighted SHIB’s remarkable 33,774,726.7% lifetime increase from its all-time low last week, a performance that outperforms major cryptocurrencies such as Dogecoin, Solana and Binance Coin.
Nevertheless, Kusama sharp stressed that “we still have a long way to go and a lot of work to do to give the ecosystem the respect it deserves,” suggesting that improvements such as increased token burning mechanisms and other improvements strategic plans are on the horizon.
That said, the Shiba Inu Project has already made tangible progress toward real utility. Notably, it recently announced a partnership with Mass, a financial solutions company, to build the financial layer of its ambitious “Shiba State” initiative. This collaboration is part of a broader strategy to evolve SHIB from its coin origins into a reputable decentralized blockchain project.
To add to this momentum, token burning activities have attracted attention within the SHIB ecosystem. Thursday, a project called Shiro Neko (SHIRO) burned 5,581,450,000 SHIB, valued at approximately $100,000. This strategic burn highlights a growing trend as projects leverage Shiba Inu infrastructure to engage the community and attract attention. Lucie, SHIB’s marketing manager, has already mentioned that the goal is to attract more projects to Shibarium, SHIB’s layer 2 blockchain. This influx could potentially increase user activity, leading to more frequent token burns and increasing the value of SHIB over time.