The Shiba Inu is a Japanese hunting dog, but cryptocurrency enthusiasts are more familiar with this creature as the picture of a modern digital coin. Shiba Inu has surpassed Dogecoin as one of the most popular tokens.
Will Shiba Inu reach $1? When will Shiba go up? What would it take for Shiba to hit $1? How far will the Shiba Inu, known as the “Dogecoin Killer,” climb in the coming years?
Well, we’ve answered all these questions, so keep reading to learn all about how Shiba Inu can reach $1.
The Rise of Shiba Inu
Since its debut, the Shiba Inu has been in the spotlight as investors seek the next cryptocurrency to invest in, but the major push came in May, when it climbed 2405 % in only three days, reaching a new high of $0.0000388 on May 10th. The rally was sparked by an interview with Elon Musk in which he described DOGE as a “hustle,” prompting a sell-off in DOGE and new purchasing in SHIB.
Meme token values are so sensitive to Elon Musk’s tweets that they spiked after the Tesla CEO tweeted a photo of a Shiba Inu dog in a Tesla vehicle on October 4th. Dogecoin and Shiba are two related currencies that have had similar outcomes.
In late November, a pair of good news stories boosted the price, including a listing on the Kraken exchange and a declaration by e-commerce company Newegg that it will take SHIB as payment. Another plus is William Volk’s appointment as a gaming veteran.
Shiba Inu announced on December 8th that it had inked a strategic work-for-hire deal with Playside, an Australian video game developer. The goal is to create a collectible card game that several people can play. Fortunately, on the same day, Bitstamp stated that SHIB would be listed on its platform the next day. These factors all led to the price increase.
Shiba Inu Performance So Far This Year
Shiba Inu (SHIB) may be ranked 14th in market capitalization, one position below Dogecoin (DOGE), but in 2021 it outperformed its canine cousin. From the beginning of 2021 to the end of October 2021, it grew from $0.000000000119 to $0.0000884. This is an astounding 74,327,600 % rise. Investing only $2 in SHIB at the start of 2021 would have made you a fortune.
In recent months, SHIB, like DOGE, has seen a lot of long dips. It has dropped by more than 70% from its all-time high. Because meme currencies are so unpredictable, SHIB might rise again at any point, but only the most adamant SHIB fans believe it will reach its previous high and surpass Dogecoin’s price.
The current Shiba Inu price is $0.000023. In the last 24 hours, Shiba Inu has lost 2.13 % of its value.
Can Shiba Inu Coin Hit $1?
Shiba Inu is the second-largest meme-coin in the $1.6 trillion crypto sector. SHIB has a market capitalization of 11.7 billion dollars, putting it behind Dogecoin, which has a market capitalization of 14.7 billion dollars. Both are currencies based on Shiba Inu dog memes, and they have made it plain that meme-coins are not to be taken lightly.
Both currencies have devoted supporters advocating for more merchant acceptance, media exposure, and even fundraising for charitable purposes. Binance Custody, a bitcoin asset platform, welcomed Shiba Inu to its platform just last month as well. This provides SHIB insurance to a more significant number of coin holders.
Shiba Inu’s only chance of reaching a $1 price, according to Fool, is if large coin burning actually happens. There are now 549,000,000,000,000 SHIB tokens in circulation. Shiba Inu, on the other hand, would be worth more than Apple ($2.7 trillion) and Amazon ($1.5 trillion) combined — plus a lot more. On Valentine’s Day, Bigger Entertainment announced a 370 million SHIB burn, although the price of SHIB remains unchanged.
Furthermore, because Shiba Inu is based on Ethereum, it cannot host decentralized apps or influence the cryptocurrency industry’s future.
Shiba Inu is unlikely to hit $1 in the near future. The cryptocurrency market is still extremely volatile, and reaching $1 would need a significant reorganization of the global economy.
It’s tough to forecast what will happen in the bitcoin market because of its volatility. However, a major Shiba Inu rise is unlikely because inflated assets have taken a blow as a result of the ongoing epidemic.
But if you are planning on investing in Shiba Inu coins, you should consult investment research firms like SG Analytics. A thorough investment and market research can help you make a solid decision.