The last crypto bull run had many winners, including several meme coins. Perhaps the almost prominent instance of a monumental bull run in recent years was Shiba Inu (SHIB), which exploded in value in 2021. Withal, due to its large circulating supply, the possibility of the Shiba Inu money reaching $ane is virtually cipher.
Although meme coins have been around since 2013, when Dogecoin (DOGE) was created, it was in 2021 that they became mainstream. Their popularity was more often than not due to the promotion of Dogecoin by popular individuals such as Elon Musk and Marker Cuban. With the hype around Dogecoin, other meme coins enjoyed some interest. Just at the end of the day, the meaning winners were Dogecoin and Shiba Inu.
Shiba Inu token is a meme coin created in Baronial 2020 by an anonymous individual called Ryoshi. Its name is based on the Shiba Inu canis familiaris on Dogecoin, and they both have similarities. The only significant difference was the creator built Shiba Inu on the Ethereum network. Although launched in 2020, it was in 2021 that it became pop after Vitalik sold fifty trillion SHIB tokens and donated the gain to the Bharat COVID fund. SHIB rose by over 85,000,000% inside a year and hit its all-time high on Oct 28.
Its meteoric rise has made many speculate whether it could even rise higher. In this commodity, nosotros discuss Shiba Inu money cost prediction.
Will Shiba Inu coin reach $ane? Non very likely
Shiba Inu's operation in 2021 was spectacular, and many expected it to keep the same run this year. But that has yet to happen due to the general decline of the crypto market place. Well-nigh every cryptocurrency has lost more than half its value this year, and SHIB has dropped by near fourscore%.
Why will the Shiba Inu coin not accomplish $1?
Yet, the turn down over the concluding year is not why the Shiba Inu coin is unlikely to reach one dollar. This is due to several features unique to the token. Given that it is an ERC-20 token, i.e., information technology is uniform with the Ethereum blockchain, Shiba Inu already has some advantages over Dogecoin. Just more than that is needed to reach $1 due to its humongous supply. Shiba Inu has a full supply of 1 quadrillion tokens. Its current circulating supply is more than 589 trillion tokens.
By simple calculation, if the SHIB coin were to reach $i, that would mean that it has a market capitalization of $589 trillion. The possibility of such price action taking place is theoretically impossible, given that the global Gross domestic product for all countries is simply around $100 trillion. At its peak, the total cryptocurrency market place cap was just slightly in a higher place $iii trillion.
|SHIB toll||Shiba Inu market cap*|
As we can rapidly deduct from the table to a higher place, the likelihood of the Shiba Inu price coming anywhere shut to $ane at current levels of circulating supply is simply not viable. Even reaching lower price milestones, such as $0.01 or even $0.001, seems very difficult. While Dogecoin has a loftier chance of reaching $one in the future, we can't say the same for Shiba Inu, at least not in its current country.
Another bespeak confronting SHIB reaching $1 is its supply inflation – according to our data, the supply of Shiba Inu increased nearly viii% twelvemonth-over-yr, which makes the prospects of SHIB striking a $1 milestone all the more unlikely.
What could ameliorate SHIB's chance of reaching $i
Although the possibility of the Shiba Inu coin being worth $i is slim, it is not impossible. It could happen if enough SHIB token is burnt. Burning the SHIB token is a way to reduce the total supply. And so far, more than 410 trillion SHIB tokens have been burnt, most of that is due to Vitalik Buterin. If more tokens are burnt, it will increase demand every bit supply dwindles. Just this would crave called-for a significant corporeality of the token for the price to rising to ane dollar.
Also, developing more utility for the Shiba Inu money will assistance its value. Generally, the burning mechanism for SHIB depends on its usage. The more it is used for transactions, the higher the burn rate. The squad behind SHIB has already tried to create more utility for the token with other related projects, such as Shiboshis (Shiba Inu NFTs) and ShibaSwap DEX. They are also working on an Ethereum Layer-2 solution Shibarium and a Shiba Inu Metaverse. All these developments volition improve Shiba Inu'south functionality and could boost its cost. Merely that would depend on the success of the projects and whether they increment the level of adoption for Shiba Inu.
Will Shiba Inu Money achieve 1 cent?
Our algorithm predicts significant up-and-down cost movement in Shiba Inu's future.
While the answer to volition Shiba Inu reach ane dollar is likely a “No,” the possibility of the money reaching i cent is college. This does non mean information technology is a certainty. In fact, it is still very unlikely, merely it is theoretically possible. This could be similar to the run of Dogecoin itself. In 2015, Dogecoin was also worth $0.00008690. Only it took until 2021 earlier it was worth a cent. There is a 0.977 correlation between the price of Dogecoin and Shiba Inu in the terminal seven days, and as meme coins, both tokens have had similar cost performances. And so, information technology is possible for Shiba Inu too to reach 1 cent.
Given that information technology is currently worth $0.00001244, endmost all that decimal points will crave an boggling market performance. It could even accept years of sustained positive performance for that to happen. CoinCodex'due south SHIB prediction does not see it being worth 1 cent by 2024. In the best-case scenario, it projects that SHIB's price would exist $0.000209 by Jan 2024, accounting for the technical analysis information aggregated on Nov 28. The algorithm predicts SHIB's price to increase by 290% past April 2024 and accomplish $0.00003547.
However, price predictions are not gear up in stone, as market place conditions can modify radically. The volatility of crypto markets makes information technology impossible to determine what SHIB would be worth even in the adjacent 24 hours. So, the meme token could defy the SHIB price predictions and reach 1 cent earlier than expected.
Can Shiba Inu'southward price reach $one? Here's the bottom line
Unless something fundamental such every bit its volume, changes, Shiba Inu cannot achieve $ane. But it might reach i cent subsequently some years, especially if the current tokenomics model undergoes supply and burning-related changes. Generally speaking, when it comes to cryptocurrencies, the unpredictability of the prices is always an important gene. Then information technology is essential to research any cryptocurrency before you make up one's mind to invest in information technology.