Considering the current price of $0.000001089, it is next to impossible for the price of the Shiba Inu (SHIB) to do so. However, experts see the latest projects of the Shiba ecosystem as catalysts for the $1 goal. It will take a long time to do this…
Is it possible for the price of Shiba Inu (SHIB) to reach $1?
Despite the unstable market in recent months, SHIB price has gained more than 30% in the last 30 days. Meme coins are becoming one of the most important cryptocurrencies for investors, even in bear markets. The Shiba Inu currently has a market cap of $6.4 billion. The ATH price reached on October 28, 2021 is trading 87.70% below $0.000008845. Multiple external factors such as rising inflation, impending recession, Russia-Ukraine war, Fed, pandemic and more have hit the crypto market. However, as a meme coin, Shiba Inu still manages to stay in the top 20 by market cap.
Meanwhile, crypto experts claim it could take 10 years or 10,000 years for the Shiba Inu to reach $1. Shiba Inu team and community apply multiple strategies to drive price up
Shiba Inu has 4 important projects in his pocket
Projects such as BONE token, Shibarium Blockchain, Shiba card game and SHIB stablecoin will soon take their place in the market. Crypto experts also note that SHIB burn events are supporting the surge in SHIB price amid the crypto crash. As Kriptokoin.com, we discussed what these projects provide to the ecosystem in this article.
The strategy of reducing supply and increasing demand are other catalysts that will push the SHIB price to $1. The Shiba Inu currently has a total supply of 589,735,030,406,323 while its circulating supply is 549,063,278,876.302.
However, one of the most popular times for Shiba was the second half of 2021. Its price has appreciated over 10,000% in less than a year. But it still has a long way to go to reach $1. At its current price, SHIB needs to gain 12,000,000 to reach this target. On the other hand, it is important to note that the price gained 1,000% in October of last year alone.
It may take 10,000 years to reach this goal
With the help of Memecoin phenom Elon Musk, crypto investors achieved a high ROI of 43.8 million% in 2021. The large number of token circulation makes it difficult for Shiba to reach the $1 milestone. Crypto experts say that for SHIB to reach $1, its market cap would need to be $589.6 trillion. Only then will SHIB become one of the most expensive tokens in the crypto market in the near future.
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