Will Shiba Inu reach $1
Let’s take a deep dive, but first, an introduction of the now famous Shiba Inu cryptocurrency coin is in order.
What is Shiba Inu Coin?
What is Shiba Inu? It’s likely Shiba investors would give many different answers this question. Shiba Inu coin is a decentralized cryptocurrency created in August 2020 by an anonymous person or group known as “Ryoshi”, who decided to adopt the name of a Japanese dog breed.
Half of the initial supply was gifted to the Ethereum creator, Vitalik Buterin. However, Buterin sold his stake early on and donated it to charity. If he held his tokens, they would now be worth over $10 billion.
What Are Memecoins?
Memecoins are cryptocurrencies that make use of social media jokes or sarcasm in order to gain popularity. DOGE was one of the first memecoins. Other examples of memecoins are Tiger King Token and Poo Coin. These tokens rely on jokes and irony to attract investors.
Memecoins often do not offer any real services. These coins are volatile, so it is important that you only invest money you are willing to lose in memecoins.
Shiba Inu price history?
Shiba Inu coin has proved doubters wrong more than a few times. The cryptocurrency price soared 49,000,000% in 2021, far beyond everyone’s expectations. The question now is, can Shiba coin price, now at $0.00002193, have similar gains in 2022? Can Shiba Inu reach $0.01? What is Shiba Inu price prediction 2022?
Will Shiba Inu reach $1?
To achieve the $1 mark, Shiba Inu coin would have to rise by approximately 4,000,000%, in addition to what it did last year.
One reason for the speculation about Shiba Inu reaching $1, is that Shiba Inu is gaining more traction as a form of payment. Newegg, Tesla, GamesStop, and AMC Entertainment, all currently accept Shiba Inu coins as a form of payment.
However, this doesn’t do enough to make the Shiba coin stand out. Bitcoin and some other cryptos are already accepted as forms of payment. Hence, without any ability to offer tangible service, it will be difficult for Shiba Inu coin price to continue rising.
Another point against another meteoric rise in Shiba Inu coin price is the number of Shiba coins currently in existence. Presently, there are 550 trillion Shiba Inu coins. If the coin were to reach $1, that means the cryptocurrency would be worth a whopping $550 trillion.
To put that in perspective, the entire cryptocurrency market only reached a peak of $3 trillion in November 2021, before it crashed.
It also means that if Shiba currency coin gets to the $1 mark, which will be $550 trillion, it would be many times more than the world gross domestic product, which was $94 trillion as of 2021.
So Shiba cryptocurrency coin hitting $1 would mean it would be 300 times larger than the entire cryptocurrency market right now, and more than 5 times the global GDP as of 2021.
Technically, Shiba Inu could reach $1 if enough capital were to start investing in the dog-themed cryptocurrencies. But since Shiba Inu would need trillions in capital to reach $1, institutions and governments would need to purchase SHIB, which seems highly unlikely.
One card available to play is the agrressive burning of Shiba Inu coins. This will reduce the number of Shiba coins in circulation, and therefore increase the likelihood of a continuous rise in the price of the Shiba Coin, as law of demand and supply play out.
Will Shiba Inu reach new all-time highs?
Back in 2017 Dogecoin made massive gains and crashed. It then made a comeback in 2021, so if Dogecoin is any indicator Shiba Inu could still reach new all-time highs. However, it’s unlikely Dogecoin is a good indicator of whether or not SHIB will stick around.
Since Dogecoin’s price reached an all-time high of almost $0.74 in May 2021, it has fallen to trade at around $0.15, despite the fact that companies such as Tesla and the NBA’s Dallas Mavericks team accept it as a form of payment.
However, its average number of daily transactions has remained in the range of 20,000 to 40,000 throughout its history, which means that it currently manages 133 billion Dogecoin and that means that to reach a dollar per token it would have to register a growth of 525%.
Is Shiba Inu a Good Investment?
While Shiba Inu has already seen a historic rise, many do not see the hype ending anytime soon. While others see it as a bubble, ready to burst at any moment. Shiba Inu’s price will ultimately depend on the investors of the project. While one cent or $1 price target may be too lofty of a goal to achieve, there still may be upside to the digital asset given the enormous hype around the coin, but if there are large selloffs in the near future, however, the price may crash.