Can Shiba Inu Reach 1 Dollar? Maybe yes but before predicting this we need to consider 2 factors. One of them is obviously if the bid climbs up high.
Secondly, if Shiba Inu gets burnt at a higher rate creating the value high for the rest of the coin. These are just predictions but real gameplay is different.
Well, I am not telling this won't gonna happen but there is a very less chance. Though 41,000 billion Shiba inu coin has already been burnt so far. Keeping these facts apart for the future, let's jump into the history of Shiba Inu.
Cryptocurrency works in a different way and most of us is not familiar with the process. You can read our article about how crypto works to know more about what is crypto and this actually works.
History of Shiba Inu Coin
"Ryoshi" an Indian individual or group of people introduced Shiba inu coin in the cryptocurrency market for the first time in August 2020. "Shiba Inu" is a Japanese breed of Dog. This coin has a self-claimed name which is "Dogecoin Killer". It's entered the market as an altcoin of Dogecoin which is already an altcoin of Bitcoin.
As you can see in the above image, Shiba Inu gained it's highest price of $0.00008 (four zeros) which is now 67% less. Currently, most of the cryptos lost their values and Shiba Inu is on the same track. There is a supply of nearly 550 trillion of SHIB tokens in circulation currently, having a market cap of around $16 billion.
The dog faced cryptocurrency - "Shiba Inu" jumped from $0.000000000133 (nine zeros) to $0.000033 (four zeros) in last 1 year, at the end of 2021. It's a sky high jump considering around 26,000,000% price increase in 1 year. It happened because most of the renowned cryptocurrency exchanges allowed to trade in SHIB coin.
At this moment ( 21st July 2022) price is $0.00001260 approximately.
Now the question is, Can Shiba Inu Reach 1 Dollar? From $0.000030 to $1 which means it requires a 3,330,000% price gain to reach the mark. Is it possible? Hmmm... instantly if I say "NO" then many of the investors will be heartbroken. Let's do an analysis then.
Can Shiba Inu Reach 1 Dollar?
As you already know the number "3,330,000%". In the current market, this looks impossible because a 3.3 million percent price gain is not a joke. But there is at least a 0.00001% possibility and we can not deny that, right?
If we consider Dogecoin in exchange for Shiba Inu then there is 135 billion Dogecoin to be capped whereas bitcoin is capped at 21 million. On the other hand, 1 quadrillion Shiba Inu coins will be capped in the cryptocurrency market.
Market cap in cryptocurrency is the number of coins/tokens to be circulated in the market for each currency. Like Bitcoin will be mined to 21 million and then it will be stopped.
Now if you consider that one day Shiba Inu will reach 1 dollar then what will be the market cap value for Shiba Inu?
1 quadrillion $
Can you imagine how big is this? If not then let me give you some examples that will make you realize, how big is this?
1 quadrillion dollars is almost 20 times of US national GDP in 2021 and it is 500 times of total cryptocurrency market.
At this point, does it look feasible yet? To me, it's not. Shiba Inu will not reach $1 or even near that. But many of the investors, readers, and crypto fanboys ask, will Shiba Inu reach 1 cent?
Yes, Shiba Inu can reach 1 cent which implies that the total market value of Shiba Inu will be 10 trillion dollars considering the market cap of 1 quadrillion Shiba Inu tokens.
Let's not be hopeless or disheartened quickly. Recently Elon Musk predicted that Shiba Inu will reach $1 and many of us have taken that seriously. There is a reason though. When Elon says this that means he has some plan. After watching Dogecoin's price gain there is the least confusion regarding this meme coin that it just came to troll Bitcoin.
Watching the interest of Elon Musk in this meme coin, crypto fans are now in dilemma.
Can Shiba Inu Reach 1 Dollar, What Elon Musk Said?
Musk has around 58 million followers on his Twitter and when just talked about Shiba Inu that should be taken into account. After all Tesla's CEO is not an ordinary person though.
Recent statics says that Vitalik Buterin - the youngest crypto billionaire and founder of Ethereum, donated 50 trillion Shiba tokens to India's COVID relief fund which is founded by Sandeep Naliwal. This 50 trillion SHIB token is worth $1.2 Billion in the current market. This is something that raised interest in this meme coin. People as usual started thinking can Shiba Inu reach 1 dollar?
Shiba Inu is the altcoin of Dogecoin I already said. They came to the market to compete with Dogecoin where both have the same logo of Japanese breed Dog. Both are meme coins and on top of that Shiba Inu claims them as "Dogecoin Killer" on their website.
Let's get back to Musk's tweet. He tweeted that "My Shiba Inu will be named as Floki". Interesting? Yes it is. What Musk tried to say. People already started commenting on the tweet that it is named as Marvel comic character Loki starting with F.
Anyways Musk is not very fond of Bitcoin. Space X owner bashed those investors who thinks that Bitcoin will be the only cryptocurrency to rule the world. Mr. Elon, myself Anisha from Datacrap also think like this, hahaha.
There is a possibility of getting a new token as cryptocurrency from Elon Musk. If it really happens that won't be surprising at all. But something can happen other way. Dogecoin gained a price while Elon started talking about this meme coin. Now Elon might think of invest in SHIB coin to increase the value and interest in the market.
If Elon does something like this, investors will surely gonna invest in the SHIB tokens. If this goes on the right track SHIB token price will reach a cent very soon no doubt about that. But can Shiba Inu reach 1 dollar? Let's have a final summary.
Conclusion: Can Shiba Inu Reach 1 Dollar?
Before signing off let's just point out some facts. If Shiba Inu reach 1 dollar,
- There will be 1 Quadrillion Dollar market value for this coin.
- It will exceed the total market value of all cryptocurrencies.
SHIB tokens are burning at a rate of 60 million per day which means reaching 1 quadrillion will take many years. So the value of the SHIB token is not going to get a 3 million percent price gain in near future. Either an increase in price or burning a huge number of SHIB tokens both looks impossible right now.
So, it is almost confirmed that Shiba Inu will not reach 1 dollar in 2022 or even in 2030. Investing in the SHIB token also needs a good analysis before. By saying that I am signing off.
Let us know, what you think, can Shiba Inu reach 1 dollar? Don't forget to comment. Stay connected.