Shiba Inu (SHIB), as the successor of Dogecoin, managed to meet millions of investors in the bull run of 2021. Although the rally has left its place to stagnation for the past year, investors still do not give up on the $1 price target.
Shiba Inu and its historic performance in 2021
When the Shiba Inu made its debut in August 2020, it was a cryptocurrency with an uncertain future. At the beginning of 2021, it had lost a significant portion of its value. But investors who buy SHIB at midnight on January 1, 2021 are unaware of what will happen. The Shiba Inu, which was trading at $0.000000000073 at the time, suddenly rose to $0.00008841 in October of the same year. This meant more than 121,000,000% gains in less than 10 months.
SHIB closed the year with roughly 46,000,000% gains even after two months of pullback to end 2021. Thus, it achieved the status of a high-potential cryptocurrency in the eyes of investors. It also scored one of the biggest wins in history. It is currently experiencing a 90% drop from its peak as seen in the chart below. The good news is that it still remains in the top 20 by market cap.
Here’s what it takes to get the Shiba Inu price to $1 in 2023
For SHIB price to reach $1, it needs to rise more than 10,800,000 every week without any dips. For such a tremendous achievement to occur, five factors must be perfectly fulfilled:
- The first of these is the upcoming public launch of Shibarium, a Layer 2 Blockchain. Shibarium is critical to the project’s blockchain-based gaming goals and lower transaction fees.
- The second is the release of NFT-focused games. An important component of blockchain-based games are the marketplaces where NFT trading revolves. These platforms will remain prohibitively expensive until Shibarium is launched and transaction fees are drastically reduced.
- Third, the Shiba Inu should see a significant increase in investor adoption. Currently, its developers are almost entirely focused on the final launch of Shibarium and its potential for SHIB within the metaverse. If SHIB is to skyrocket to $1 quickly, acceptance by well-known brands and stores will be a must.
- Fourth, it will need to reduce its supply of approximately 549 trillion tokens. Notably, Ethereum founder Vitalik Buterin had burned more than 410 trillion SHIBs in 2021. Thus, it greatly reduced the circulating supply (initially 1 quadrillion).
- Fifth and finally, the Shiba Inu will need social media support to rise to more than 10,800,000 by 2023. According to Etherscan, there are currently more than 1.25 million SHIB investors.
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