Whether the Shiba Inu coin (SHIB) can reach $1 has been a long-standing topic of discussion in the crypto market. However, as market participants debate, experts suggest that Skyren DAO (SKYRN) might get there first.
Can Shiba Inu coin (SHIB) reach $1?
Although the Shiba Inu team has made efforts to increase its utility, such as launching the Layer-2 solution, Shibarium, SHIB reaching $1 per token remains highly unlikely. The main barrier is its excessive supply, with 589.5 trillion SHIB tokens in circulation.
For the Shiba Inu coin to hit $1, it would require a market cap of $589.5 trillion, which is 159 times larger than the world’s largest company’s (Apple) value of $3.7 trillion. While the Shiba Inu community is working to address this supply issue by burning tokens, burning 99.99998% of the supply would be necessary to reach the $1 target. Analysts suggest that at the current burning rate, it would take about 20,460 years to burn that percentage of SHIB, making the $1 price tag nearly impossible under the coin’s current conditions.
What is Skyren DAO?
Skyren DAO is a groundbreaking Cognitos-certified collection service that aims to connect DeFi enthusiasts with crypto airdrops.
The platform features a unique process that will enable its users to participate only in high-value airdrop projects. This includes a proprietary mechanism that will actively monitor blockchains for airdrop campaigns, preliminary and in-depth screening by Skyren’s internal team, risk assessment, and more. The final aspect of this process is submission of short-listed projects to the Skyren DAO (decentralization autonomous organization).
In the DAO, the Skyren community will vote on the crypto airdrop projects to focus on. Additionally, the DAO treasury will provide the capital for airdrop projects that will necessitate liquidity provision. To ensure continuous provision of liquidity and subsequent rewards for Skyren users, the DAO treasury will receive funds from multiple sources, including initial seeding from presale proceeds, SKYRN tax, and platform advertising revenue.
Acknowledging that not all potentially profitable airdrops require liquidity provision, the Skyren platform will feature an education center for this purpose. Here, users will get to view different projects and their required tasks. The system will also provide detailed guidance on how to complete these tasks, with access to industry experts for any queries.
The SKYRN token
The Skyren team has taken proactive steps to ensure that the SKYRN token provides value for its holders.
SKYRN will serve as a governance tool in the Skyren ecosystem, enabling holders to participate in the DAO. The holders will get to vote on new features, strategies, resource allocation, and more. Additionally, just by holding the SKYRN token, users will receive a share of rewards from crypto airdrop projects the Skyren ecosystem pursues.
Aside from utility, SKYRN’s tokenomics are strong, with a limited supply of only 190 million. From this, 75% has been allocated to a presale and 2.50% to Skyren’s airdrop (Skydrop). This showcases the project’s commitment to decentralization, allowing investors to join its community at low-entry prices. Notably, the presale started on January 20, with tokens currently selling at $0.20. The remaining tokens have been proficiency allocated to marketing, staking rewards, contributors, and dex/cex listing.
Additionally, when SKYRN tokens are sold on the open market, a total tax of 6% is applied to the transaction. Of this, 2% will be used to buy back the tokens from the market and burn them. This will reduce the total supply of SKYRN, helping to increase the value of the remaining tokens over time.
Why SKYRN might get to $1 first
While Shiba Inu has made significant strides, its massive supply and limited utility make reaching $1 a near-impossible feat. Skyren, on the other hand, is uniquely positioned to achieve this milestone due to its well-structured tokenomics and strong use case within the DeFi ecosystem. This potential is further reinforced by its low market cap, which allows for exponential gains.
To learn more about Skyren DAO:
Website: https://skyren.io/
Telegram: https://t.me/SkyrenDAO
X: https://x.com/Skyren_Official
