Is It Possible for a Shiba Inu (SHIB) to Reach $1?

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The Shiba Inu (SHIB) has come a long way since it was trading at $0.000000000056 in 2020. The second-largest meme cryptocurrency ended 2021 with an increase of 59,000,000 at $0.00003337. To put this in perspective, the Shiba Inu has even turned people who initially invested as little as $2 into millionaires in just 60 weeks. SHIB soon took its place among the crypto elite and is now the 14th largest cryptocurrency in the world by market capitalization, thanks to these surprising statistics that are also starting to appear on the charts.

The volatile price movements of the meme coin following the downtrend in the crypto market have rekindled an old debate among Shiba’s ever-growing supporters: Will Shiba reach the $1 level? Before we get into the numbers, let’s take a step back and look at why this meme coin is one of the most loved projects in the crypto community.

Birth of the Shiba Inu

2021 was a milestone for meme coins and a meme coin in particular; Dogecoin (DOGE). In an attempt to replicate the phenomenal price surge in companies shorted like Gamestop, the Reddit community has reached out to the crypto market by investing in Dogecoin. Elon Musk instantly recognized this turmoil and quickly became a supporter of Dogecoin.

What happened in the following months changed the rules of the game for the cryptocurrency markets. A crypto project no longer needed to be backed by large financial institutions or wealthy traders. The average, day-to-day investor could contribute to organic wealth creation for their chosen token.

If we move a little further; after all, Shiba’s popularity skyrocketed after Musk lured the herd mentality to another icon inspired by the same internet meme as DOGE a few months later. Musk didn’t have to do much for this to happen, he just announced to the Twitter public that he had bought a Shiba Inu dog, and the rest came as a big surprise to everyone.

Shiba Inu’s community has grown significantly since then, and the project continues to make headlines every week. But coming back to the question at hand, can these impressive numbers push the Shiba Inu to a $1 valuation? If this happens, the market value of the Shiba Inu will reach approximately $550 trillion. This is almost 6 times the world GDP of $94 Trillion by the end of 2020. To shed a more realistic light on the discussion, let’s pay attention to the Shiba Inu’s burning mechanics.

A dollar for SHIB possible?

There isn’t a lot of way the Shiba Inu can touch $1 right now; continuous burning of tokens from its circulating supply, making bulk purchases between investors, developing the platform, or a combination of all.

Shib’s team has been pretty active lately, even announcing a metaverse project that will soon be named “Shiberse” by Shiba Inu developers. Such developments are expected to have a positive impact on the cryptocurrency.

If we look at the Shib burning, according to Shibburn, a monitoring site that tracks coins burned by the community, approximately 46 million tokens have been burned in the last 24 hours, with the total token burned since the start of the project has exceeded 410 million.

Although the Shib community is constantly holding burning parties, creating platforms and burning regularly, even at this rate right now, it would take up to 40 years to burn just 1 trillion SHIB tokens. Even this large amount would make almost no difference to SHIB’s circulating supply of 548 trillion. But since the laws of supply and demand require that prices rise as supply dwindles, holders of SHIB tokens will be encouraged to hold onto them rather than burn them as time goes on.

Also, given the recent weakness in the broader market, buying apatite is currently pretty weak among crypto investors. Now, there’s talk of a potential Robinhood roster and it would be a huge success in terms of growth and popularity to go over it.

Also, given the recent weakness in the broader market, the odds of investors buying the token greedily are currently quite slim among crypto investors. There’s also talk of a potential Robinhood listing, and if that happens, which the community is hoping for, it’s expected to be a huge success in terms of growth and popularity and positively impact the price.

However, it seems unlikely that the Shiba Inu will reach a value close to $1 in the near future. At the time of writing, SHIB is stable over the past 24 hours and is trading at $0.00002159.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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