Shiba Inu (SHIB) has achieved tremendous success in the past four years. Since its launch in August 2020, the price of the dog-themed cryptocurrency has skyrocketed by millions of percentage points. Early investors have made millions of dollars in profits with minimal investment. Although the growth of the asset has been astounding, its price has remained stagnant over the past few years. SHIB has seen some gains in the past few weeks, but they are negligible compared to the surge in 2021.
Many believe that the SHIB ship has sailed, but others believe that SHIB still has a lot of room for growth. SHIB fans and investors hope the asset can sell for higher prices. Many aim to delete a few zeros after the decimal point.
Let's discuss three ways SHIB can reach the $0.001 target.
3 Ways for Shiba Inu to Earn $0.001
1. Large-scale SHIB Token Burn
One of the key catalysts for SHIB's stellar performance in 2021 was the token burn by Vitalik Buterin. The Ethereum co-founder received half of the supply at SHIB's launch. Buterin decided to burn 90% of the tokens and donate the rest to charity. His actions led to a significant reduction in the supply, resulting in a price surge.
The Shiba Inu team is reportedly working on a new burning mechanism. The new mechanism is said to burn trillions of tokens annually. If the team can significantly reduce the asset's supply, we may see another rally like the one in 2021.
2. More Adoption
SHIB's lead developer, Shytoshi Kusama, has stated that burning alone cannot drive up the asset's price. The decrease in supply must be accompanied by an increase in adoption to drive price growth.
If more people start using SHIB, its price will be positively impacted. Over the past few years, the number of SHIB users has been steadily increasing. This trend needs to continue for the asset to reach $0.001.
3. More Utility
A factor driving the surge in SHIB's adoption is its utility. The project launched the Shibarium blockchain network last year, bringing more utility to the project. The network has experienced remarkable growth since its launch, but it needs more projects to be built on it.
If more projects start building on Shibarium, we may see SHIB's price rise.
