Can Shiba Inu coin reach $1? A Million Dollar Question

Can Shiba Inu coin reach $1? Shiba Inu coin has made many people millionaires over night. The coin has grown by over 11,448,214% since its launch in 2020. That is massive! Many had missed the opportunity to invest in the coin at early. It has already shown an exponential growth in its price. The coin has, once, also entered the top 10 cryptocurrencies in terms of market cap.

However, crypto lovers still want to know Can Shiba Inu coin reach $1 in near future. In this post we will explore the possibility of Shiba Inu coin to reach to the mark of one dollar. Shiba attained a tremendous popularity in year 2021 mainly due to the Elon Musk and Mark Cuban who endorsed Doge Coin.

This is why SHIB came to be known as “Doge Killer“. However, Shiba is still lagging behind the Doge coin both in terms of popularity and market cap.

Currently, the Shiba is ranked at No. 11 in cryptocurrencies with a market cap of around $21.6 Billion with a supply of over 589 trillion coins.

Can Shiba Inu coin reach $1?: Myth or reality

In order to reach a price of $1, the total market cap of the Shiba Inu need to be $589 trillion. This is more than the global GDP or in simple terms more than the combined wealth of all countries.

So, with current supply of more than 589 trillion coins, it seems impractical for Shiba Inu coin to reach $1.

Shiba Inu became more than meme coin when it launched the Shibarium. Shibarium is a Layer 2 blockchain network built specifically for Shiba Inu. On every transaction on the Shibarium network a certain number of SHIB coins are burned.

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But the quantity of token burning is too less compared to its massive supply. However, if the SHIB tokens are burned in a large bulk that can significantly bring down its supply, the chances of Shia Inu touching the magic price of $1 can become a reality.

One of the reason for the popularity of SHIB was its predessor Doge Coin. Doge coin’s success is mainly attributed to the Elon Musk who endorsed Doge. The coin has a powerful backing of SpaceX which Shiba Inu is missing.

What Shiba Inu has achieved so far?

1. Shibarium- It is Shiba Inu’s own blockchain network powered by Ethereum. It is a Layer 2 network which aims to provide more efficient and cost effective platform for the Shiba users.
2. SHIB Metaverse- Where SHIB holders can interact with other people in a virtual world.
3. ShibaSwap- It is a decentralized exchange of Shiba Inu where users can trade and stake their SHIB tokens.
4. NFT Incubator- Here the creators can mint and trade NFTs using SHIB as the native currency, thus contributing to its growth.
5. Form of Payment- SHIB is being accepted as a form of payment by many merchants and various other online platform, thereby increasing its real world usability.

How Shiba Inu coin can reach $1?

Well ! The story does not end here. There is always a hope. There is a way as to how shiba can reach $1. These are briefly put up below:

• Significantly reduce the total supply of SHIB coins from trillions to billions.
• Consistent increase in the burning of SHIB tokens to increase their demand in the market.
• More real life uses cases of the coin like accepting SHIB as payment in various enterprises.