Aaron Arnold, founder of Altcoin Daily, has dismissed the likelihood of Shiba Inu (SHIB) reaching $0.01 in 2024. He emphasized the importance of considering market capitalization in price predictions, a factor often overlooked by newcomers. According to Arnold, SHIB would need to experience a 54,100% increase in value to hit $0.01, which would raise its market cap to an astronomical $5.895 trillion.
Currently, SHIB is priced at $0.0000183, with a circulating supply of about 589.5 trillion tokens. Achieving a $0.01 price point would require a market cap 541 times its current value of $10.876 billion. Arnold noted that, even during its significant bull run in 2021, SHIB only reached a $45 billion market cap after an 884,400% surge. He argues that such explosive growth is unlikely in the short term, especially from its current valuation.
While Arnold’s viewpoint challenges optimistic predictions, other figures in the crypto space, such as Bitcoin author Jason Williams, have suggested that SHIB could even reach $0.05 by next year, showcasing a range of opinions within the community.
