In the past 24 hours, the value of the Shiba Inu (SHIB) has dropped 0.89% to hit $0.00001053, according to data from CoinMarketCap. However, SHIB’s market cap is just over $5.7 billion. So what awaits the popular memecoin project in the future?
SHIB price on the decline
became one of the dominant meme currencies of 2021. The value of the Shiba Inu has mostly been in a downward trend since the end of October 2021. Some of these were caused by countries that threatened or banned cryptocurrencies in general. For example, in late January, Russia proposed banning cryptocurrencies altogether. The second reason is seen as rising inflation rates around the world.
Meanwhile, Shiba’s price crash didn’t stop with its listing on crypto exchange CoinDCX in November 2021. Until then, SHIB was a memecoin that was only tradable on the platform on CoinDCX Pro. Last year, Shiba became the first cryptocurrency project in India to reach a valuation of over $1 billion. On October 28, 2021, Shiba hit an all-time high of $0.00008845. However, the meme coin still could not get out of the downward spiral it entered after making ATH.
What awaits the Shiba Inu project in the future?
There are two interesting developments especially around Shiba. First, the project announced that it would enter the metaverse space with a “Shiberse” launch planned in 2022. Second, last fall, it launched its NFT collection of 10,000 digital “cute dogs.” Metaverse is a virtual reality experience where users can interact with others. NFTs, on the other hand, are digital artworks stored on a blockchain with a unique code. That is, they can only belong to a specific person.
There has been a fair share of volatility in the past year and more, especially for Shiba. For example, the token managed to break the record of $0.00003641 on May 11, 2021 on October 28, 2021. Shiba is one of the most popular meme coins, often profiting from an internet-based prank. Factors influencing its price include worldwide regulatory pressures and comments from high-profile people like Elon Musk. In May 2021, the Shiba Inu rose in value after Binance announced that it would list the tokens on its crypto platform. As we have experienced in recent months, cryptocurrencies are highly volatile assets. Accordingly, their value can rise and fall rapidly. A social media trend or one of the projects that will start in favor of SHIB may increase the price of the token.
Will the SHIB be $1?
Numerous cryptocurrency fans have predicted the Shiba Inu’s value for 2022. But no one knows what the price will be, so you have to take the risk. Some crypto analysts stand out with their cryptocurrency-related price predictions advertised by Musk. For example, crypto website Wallet Investor expects Shiba to be worth just $0.000561 within a year. However, the Coin Price Forecast predicts Shiba will be at $0.00004266 by the end of 2022. The same agency also estimates a price of $0.00005546 for the SHIB by the middle of next year.
In other words, if you expect the Shiba Inu token to approach $1, you’ll be waiting for a long time. In fact, according to Don Guo, CEO of Broctagon Fintech Group, it is “impossible” for the SHIB asset to reach $1. The CEO explains the reason for this as “not enough money in the world”. For the meme coin to reach $1, the market value of the project needs to reach “one quadrillion”.
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