Will Shiba Inu reach $1? Here’s only one way it can.
The dog-themed cryptocurrency called Shiba Inu jumped from $0.000000000133 (nine zeros) at the end of 2020 to $0.000033 (four zeros) by the end of 2021.
It jumped over 26,000,000%, rising from obscurity in being worth just under a penny to then trading above $0.03 as major cryptocurrency exchanges began to allow trade of Shibetoshi on their platforms.
Dogecoin remained popular as an alternative investment vehicle in response to the pre-existing wave of bullishness around meme coins like Pepecash (CRYPTO: PEPECASH), Nano with KuCore Pump (CRYPTO: NANO), and UG Token (CRYPTO: UGT).
The meme coin shaved off five decimal zeros from its price and is now worth $0.0021. That’s roughly 4,700 percent more than it was at the beginning of May.
Since the namecoin made such a significant jump in less than 2 months, there are some who believe it’s reasonable to assume that the meme token will continue to pick up steam over time and potentially reach $1 in the foreseeable future.
April Update: Shiba Inu coin is now officially listed on Robinhood, and is experiencing upwards movements.
Will Shiba Inu reach $1? Here’s The Phenomenon:
There are a number of factors that can affect the monetary value of Shiba Inu.
For example, an event called “forking” could lead to an entirely new coin and potentially cause investors to sell off their coins in favour of the new currency.
The other factor is the actual physical limitations on how many Bitcoin can be created through mining. In order for there to be fewer bitcoins available in circulation, you’ll have to transfer some of your holdings into a so-called “dead wallet”.
Shiba coin attempts to portray Vitalik Buterin, the founder of Ethereum (ETH), as a SHIB hero, however, this is an exaggeration. Buterin did not request – or desire – to get 50% of the supply of SHIB tokens. And it was he, not the Shiba coin community, who chose burn 90% shiba coins and then donate a portion of the proceeds to charity.
It is thought by some that SHIB could continue its decline for many years to come before depreciating in value to the point where 1 trillion would be reached.
The biggest threat to decreasing the number of available coins seems to be inflation due to lost keys, as mentioned above. If a stakeholder who owns more than 4 million SHIBs simply forgets their cryptocurrency key.
Many people also wonder “Will Shiba Inu coin reach $1”? No it won’t, and as per the Shiba Inu coin price prediction, crypto needs to triple surge rate to hit $1 which is unlikely to happen anytime soon.
Additionally, the Shiba coin benefited from its recent inclusion on the Coinbase cryptocurrency platform, which resulted in a wave of new members for the SHIBArmy.
Keeping in line with the Shiba Inu coin price prediction, the value has shown a decline.
Before investing in anything, it’s critical to grasp the investment’s basics. Simply because the price of a stock or cryptocurrency has exploded overnight does not guarantee it is a good investment, and in many circumstances, a sharp price increase is a red flag.
Shiba coin price has soared mostly as a result of retail investors stockpiling tokens as a short-term investment, and coin burn event taking place. These investors frequently form a cult around a specific stock or cryptocurrency, spend significantly to drive its price skyward, and then sell when the price reaches a new high.
These investments can be extremely dangerous, as their prices do not necessarily correspond to their fundamentals. It has virtually little practical utility at the moment, and its price is increasing primarily due to its following community. If those followers sell their tokens and invest in something else, the Shiba coin will lose nearly all of its value.
That is not to imply that investing in Shiba coins is not worth it, but it is difficult. Unless and until it establishes real-world utility and a significant competitive edge in the crypto sector, there is a good risk it will eventually collapse and burn. If you do not sell at the optimal time, you risk losing a significant amount of money.
It is, therefore, a high-risk and potentially dangerous investment. It is not appropriate for everyone, and there are more conservative investment strategies that maximize profits while minimizing risk.
They will essentially be turning each of their shiny new crypto-tokens into mere paperweights, since no one else will ever be able to access them and that’s how your question “will Shiba Inu reach $1 will be answered.”
At Solutiontales we make it easy to understand the throes of cryptocurrencies, but our words should not be taken as a financial advice. Remember, a wise investor can make money in a bull or bear market when given the right data.